Дорогие друзья! Больше трех лет я рассказываю вам об основных новостях, событиях, трендах на мировом рынке нефти и газа. Я делаю это бесплатно и без рекламы. Поэтому я прошу вас о помощи. Wognews нуждается в развитии. Вас больше 20 000 человек из более чем 80 стран мира. Если каждый пожертвует небольшую сумму денег, 500 или 1000 рублей, или больше, wognews станет лучше. Спасибо, Владимир Виноградов, основатель wognews.

Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2015-01-17 21:45:00

NORWAY: NO CRISIS

NORWAY: NO CRISIS

The finance minister of Norway, Western Europe's biggest oil producer, said on Friday that she would sanction extra fiscal stimulus if the economic outlook were to worsen further but for now her budget plan for 2015 still holds despite the rapid drop in crude prices.

Norway's oil revenues have been hit hard by a 50% drop in prices over the past six months and oil companies operating in Norway are set to reduce their capital expenditure by 15% on the year in 2015, the government's petroleum directorate said in a report on Thursday. About 1 in 11 workers in Norway are employed by businesses exposed to the oil sector.

After consultations with the head of the central bank and the prime minister on Friday—described as a "crisis meeting" in local media—Finance Minister Siv Jensen sought to downplay the need for the government to act now to support the economy.

"Some are quick to use the word crisis. I want to underline that this is not a crisis," she said. Ms. Jensen said monetary policy and the exchange rate had proven to be useful "shock absorbers" for the economy so far, as had the country's sovereign-wealth fund and solid banking sector.

She said Norway's unemployment was low, its employment rate was high and the economy was growing. "This is a good starting point for an economy facing an adjustment," she said.

Concerns have been rising that the country could be in for a hard landing after years of healthy growth and rising levels of prosperity. Analysts had wondered ahead of the meeting on Friday whether the government might launch new measures to support the economy, such as investments in infrastructure projects.

"If the situation gets worse, we are ready to present the measures that are needed, for now we think the budget is well suited to the situation," Ms. Jensen said.

The budget for this year included plans to spend more of Norway's oil money, which it keeps in the world's largest sovereign-wealth fund, as well as a cut on a tax on wealth.

Norway's main defense against the slump in oil has so far been monetary policy, and a lower oil price was cited by the central bank when it lowered its main interest rate to 1.25% in December, and signaled a 50% chance of another cut within six months.

As the oil price has fallen, the Norwegian krone has weakened to around 7.60 kroner to the dollar from 6.10 kroner last summer which has helped the competitiveness of Norway's big exporters such as the fertilizer producer Yara and aluminum producer Norsk Hydro .

wsj.com

Tags: NORWAY, OIL, PRICES,

Chronicle:

NORWAY: NO CRISIS
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

NORWAY: NO CRISIS
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

NORWAY: NO CRISIS
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

NORWAY: NO CRISIS
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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