A far cry from oil exporting countries that have fallen to this “oil curse” is Norway. In fact, until 1958, the National Geological Survey did not even believe that the Norwegian oil shelf could possibly have oil. This debt was planned to be paid back from the anticipated windfall oil revenues from the 1980s and the state’s oil rents began in 1976 through export surpluses. However, despite such political changes, there was a consensus that Norway should not become too reliant on oil revenues. The oil fundThat brings us to the fourth and perhaps the most important instruments in Norwegian oil policy.

Source: Mint July 01, 2017 17:48 UTC