Mounting Costs Are Posing A Serious Risk To Norway’s Oil Profits

Norway’s oil industry will have to deal with lower profit margins resulting from higher production costs per barrel of crude, Statistics Norway said in a new report as quoted by Reuters. “In a long-term perspective, it appears that the downturn that began in 2013, when output and prices fell, may have marked the turning point for Norway’s oil industry,” the body said. Oddly enough, the report comes out a week after Equinor, the state oil major, announced a discovery of up to 100 million barrels in the North Sea, in the Fram…