Setting the standard: Svein Gjedrem
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Norway bank boss keen on $75 oil
Norway's Central bank governor Svein Gjedrem said $75 per barrel oil was not only good for the Norwegian economy, it was also good for players operating on the Norwegian continental shelf.
"If an impression were to form that the oil price should fall to $30, that would lead to a strong negative shock for the Norwegian economy," Reuters quoted Gjedrem telling reporters on the sidelines of a banking seminar in southern Norway.
"If the impression is that oil will be at around $75, we will be much better off, as this is a sustainable level for the oil companies. Many investments are profitable at that level," Gjedrem said.