Norway: oil producing country sees rapid decline in crude output in the next decade
'Norway crude will see rapid decline'
Norway's oil production is expected to decline "rapidly" over the next 10 to 20 years, so the country needs to save its revenue through some form of wealth fund, the country's central bank governor said today.
Norges Bank Governor Svein Gjedrem gave no details of the expected production decline in comments during a talk in Singapore, which he is visiting to open an office of the central bank unit that manages Norway's $425-billion government pension fund.
It is the world's second largest sovereign wealth fund after the Abu Dhabi Investment Authority (ADIA).
The Singapore office will be the unit's fourth office outside Oslo after London, New York and Shanghai.
