With oil dropping below $30 a barrel, producers in western Europe’s biggest crude exporting nation are now considerably worse off than they were in the darkest hours of 2008.
Norway’s oil “industry is in a crisis now, we can’t deny that,” Bente Nyland, director general of the Norwegian Petroleum Directorate, told Bloomberg.
Nyland says there’s a tendency for oil companies to prioritize short-term earnings rather than “long-term value creation,” as prices continue to fall.
Oil extended declines from the lowest close in more than 12 years before U.S. government data forecast to show crude supplies expanded, exacerbating a global glut.
