The Stock market plunge in in 2016 has so far cut the value of the oil fund with NOK 525 billion.
, According to the Norges Bank Investment Management’s own estimation Thursday morning, the value of the Petroleum Fund is for the moment NOK 6.964 billion, the web paper E24 writes.
Communications Director Helena Östman in Norges Bank Investment Management, which manages the oil fund, said in an email to the newspaper that the counter was at its peak in the afternoon on December 30, when the value was at NOK 7489 billion.
Although the fund is about long-term savings of the Norwegian oil wealth, the fall also brings some short-term effects. For every one hundred billion being shaved away from the fund’s total value, the upper limit to the sum finance minister Siv Jensen will have available from the oil revenues shrinks by four billion NOK.
Source: NTB scanpix/ Norway Today