Cuts in oil output may imperil Norway’s financial sector – Norges Bank

Central bank warns prospect of environmental policies may be weakening the krone

Oil rigs

A reduction in oil production may imperil Norway’s financial sector, warns Norges Bank’s annual financial stability report, published on November 5.

In addition, on November 4, governor Øystein Olsen said changed public opinion and the prospect of harsher environmental regulations may be contributing to the krone’s depreciation. The currency is trading at its lowest level on record against the US dollar.

“For Norwegian banks and financial markets, transition risks, particularly related to the

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