WORLD
Norway declares crisis in oil industry
Baku, January 18, AZERTAC
With oil dropping below $30 a barrel, producers in Western Europe’s biggest crude exporting nation are now considerably worse off than they were in the darkest hours of 2008.
Norway’s oil “industry is in a crisis now, we can’t deny that,” Bente Nyland, director general of the Norwegian Petroleum Directorate, told Bloomberg.
The krone lost 0.8 percent against the euro as of 9:58 a.m. in Oslo, with crude oil down about 2.8 percent.
Nyland says there is a tendency for oil companies to prioritize short-term earnings rather than “long-term value creation,” as prices continue to fall.
FEEDBACK
Other news in this section
- 26.04.2024 [20:50]
PKK bomber gets 7 life terms for Istanbul attack
- 26.04.2024 [20:33]
British man tests first personalised melanoma vaccine
- 26.04.2024 [17:48]
Gaza pier: US begins building floating base to boost aid
- 26.04.2024 [16:19]
Xi meets Blinken, stresses major country responsibilities for China, U.S.
- 26.04.2024 [12:00]
Some US troops set to depart Chad, at least temporarily
- 26.04.2024 [11:33]
Meeting of SCO defense ministers to start in Astana today
- 26.04.2024 [11:26]
Russian cosmonauts complete spacewalk two hours ahead of schedule
Azeri Light crude dips to $88
- [10:42]
President Ilham Aliyev embarked on working visit to Germany VIDEO
- 25.04.2024 [23:30]
China launches 3 astronauts to Tiangong space station on Shenzhou 18 mission
- 25.04.2024 [20:46]
Five short films to be shot about Wetlands on Northern Black Sea Coast
- 25.04.2024 [20:40]
Milli Majlis of Azerbaijan responds to the European Parliament’s resolution
- 25.04.2024 [20:04]
® Age of innovations kicks off with Bakcell!
- 25.04.2024 [19:20]
LG Electronics’ operating profit falls 10.8 pct in Q1
- 25.04.2024 [18:47]
Euronews TV channel airs reportage on Azerbaijan’s Port of Baku
- 25.04.2024 [18:33]
Azerbaijani taekwondo fighters to compete in Presidents Cup Europe G2
- 25.04.2024 [17:55]
155 dead, 236 injured as torrential rains hit Tanzania
- 25.04.2024 [17:41]
Azerbaijan, Kyrgyzstan sign Memorandum of Understanding
- 25.04.2024 [17:15]
Philippines grapples with measles, pertussis outbreaks: UNICEF
- 25.04.2024 [17:02]
China welcomes progress made in Azerbaijan-Armenia normalization process
- 25.04.2024 [17:01]
Presidents of Azerbaijan and Kyrgyzstan had joint dinner VIDEO
- 25.04.2024 [16:42]
Azerbaijani gymnast into final of 2024 Men’s Artistic Europeans
- 25.04.2024 [16:36]
More than 100 inmates escape after rain damages Nigerian prison
- 25.04.2024 [16:15]