Forget about US$100 oil coming back, says Norway
Minister says "we saw oil prices hitting US$140 a barrel, and that does not contribute to economic growth"
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Oslo
THE oil market is rebalancing, but don't count on ever seeing prices at US$100 a barrel again: that's the message from Norway's petroleum and energy minister.
Brent crude has surged more than 70 per cent from a 12-year low earlier this year as a global glut shows signs of easing, bringing relief to oil companies and producing countries like Norway, which have been pummelled by the worst market downturn in a generation. While it's "quite obvious" that the supply and demand will return to equilibrium, it doesn't mean Norway is planning - or even hoping - for prices to go back to what they were, Tord Lien said in a Bloomberg TV interview at the ministry's offices in Oslo on Tuesday.
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