Norway’s Black Gold Fields Are A Sea Of Red – A Real-Time Map Of Crude Carnage

Jon Alternative Media, Blogosphere, Economy, Fiscal Policies, Gold, Precious Metals

Norway is in trouble. As we have detailed previously (here, here, here, and here), the world’s largestsovereign wealth fund has begun liquidating assets (after its largest quarterly loss) as the nation faces recessionary fears (key data deterioration as oil stays lower for longer) with expectations building (despite denials by the central bank) that ZIRP (or even NIRP) is coming. Why? Simple – as the following real-time map shows – every one of Norway’s oil fields are currently underwater!
As we explained previously, while the slump in oil has pressured the krone and thus helped the country preserve some semblance of export competitiveness, the fact that i) everyone else is easing, and ii) global demand and trade are in the doldrums, serves as a kind of counterweight, leading directly to a situation wherein the currency, in Bloomberg’s words, ‘just can’t get weak enough.’
Now, Svenska Handelsbanken is out predicting that ‘lower for longer’ crude will eventually force Norway to cut rates to zero.
Here’s more, via Bloomberg:

This post was published at Zero Hedge on 01/14/2016.