Norway dips into oil fund for first time

Norway still relies heavily on oil revenues

The Norwegian government is planning to dip into its oil fund for the first time in 20 years, the finance ministry revealed on October 7, as it unveiled its latest budget.

Net revenues from 'petroleum activities' have slumped in the face of falling oil prices, from Nkr311.7 billion ($38 billion) in 2014 to a projected Nkr204.1 billion this year.

At the same time, the government has unveiled tax breaks to stimulate the oil-dependent economy, which are expected to push the overall deficit to

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