Norway’s currency, krone has dropped by 1.2 % against the Euro over industrial production slump, and a drop in the Brent crude price, according to Bloomberg.
This marks the krone’s decline to 6 % over the past 12 months, and raises a risk of recession following the outcome of the OPEC summit that shunned away from setting a global oil production cap to control the prices. The North Sea crude price is below $43 a barrel, down from above $100 in 2014.
Warnings of possible recession in Norway come despite November reports, published by Bloomberg, forecasting Norwegian economic growth through increased export thanks to a weaker krone.
A drop in Brent is coinciding with the worst oil and gas investment slowdown in Norway since 2000.