Oil extraction discontinued. We have been hearing for a long time that Norway plans to cut oil production, and perhaps even give it up. Unfortunately, this is no longer the area of the economy that would bring great profits. The country is looking for other solutions to strengthen the Norwegian economy and restore it to its former glory. Specialists want to go towards ecological solutions. However, there are voices of opposition. People who are not satisfied with the fact that Norway does not want to invest in oil as it used to. On Thursday, Øystein Olsen, the head of Norway's central bank, appeared at the Kåkånomics economic festival in Stavanger. At the meeting, he expressed his concerns and reiterated the conclusions of the February annual report that climate considerations should not affect the rules for exploring and extracting oil and gas. What is the future of the oil industry?
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Abandoning oil extraction - there is no consent to such major changes ...
Øystein Olsen and the Bank of Norway have not announced an interest rate hike. The truth is, however, that everyone expected it. However, a large number of experts were surprised by Olsen's traditional February speech earlier. He then devoted a lot of time to climate policy. First of all, in his speech, he warned with hasty decisions to limit or suspend the production of Norwegian oil. He appealed to be reasonable in this matter and to approach the matter with a distance.
“I know that in my annual speech, I kind of put my head under the ax, defending oil production and saying that production should only be stopped when it ceases to be profitable. Controlled decommissioning of the oil sector is a political decision, but the costs can be serious. " - Olsen noted on Thursday in an interview with the political editor of the Dagens Næringsliv newspaper, Kjetil Alstadheim.
Norway's mistake - putting everything on one card ...
Olsen realizes that climate change is real. However, he emphasizes that a complete abandonment of oil could be a flash point in serious trouble. He added that the best solution would be to join forces of many economic sectors.
“To survive, our economy must rest on many strong foundations. A gradual withdrawal from the oil industry should be a natural process. Oil can and should be a pillar that will allow us to adapt to the upcoming changes. " Olsen said.
Be sure to read: Norwegian economy. What are the current trends?
