Norway set to benefit from oil price crash, helped by currency's fall

Oslo

NORWAY, Western Europe's top crude producer, looks set actually to benefit from the oil price crash as its energy sector is forced to relax its stranglehold over much of the economy and non-oil firms profit from more favourable business conditions.

Although it generates almost a quarter of its GDP from oil and gas, about the same as Russia or Venezuela, Norway's economy remains surprisingly resilient, and even its oil industry has begun a readjustment towards lower costs that could extend the sector's lifetime.

While Russia faces recession and Saudi Arabia a budget deficit if crude prices hold at four-year lows of US$78 per barrel, …