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Norway Stops Making Withdrawals From Its $1 Trillion Wealth Fund - Bloomberg

Norway Stops Making Withdrawals From Its $1 Trillion Wealth Fund - Bloomberg: In its budget for this year, released in October, the government anticipated the price of Brent crude would average $55 per barrel this year, far below the current level of $73. Unemployment in Norway has also subsided quickly from a peak in 2016. It’s now below 4 percent again, boosting tax revenue and damping the need to spend.

The government will release its revised budget for this year on May 15.

The wealth fund’s chief executive officer, Yngve Slyngstad, last week flagged that the withdrawals were coming to an end. With a recovery in oil prices and rising petroleum income for the government, it’s “obviously possible” that 2018 could be the first year since 2015 to yield a net deposit of cash into the fund, he said.

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