How will the price and supply of crude oil and natural gas change over the coming months?
Crude oil and natural gas is a multi-million dollar industry with a long history. The first known oil wells was in China and dates as far back as 347 AD, but the day before Christmas in 1969 is what most of us Norwegians associate with oil. The discovery of oil and the establishment of the oil fund had, and still has, a substantial effect on Norwegian welfare, with the fund reaching an all-time high this year with a value of 13 billion NOK. Most Norwegians believe that the oil made Norway rich alone, but there are more factors involved; First, Norway was already a wealthy country. Secondly, it would never generate such a profit without international events increasing the price of these commodities. In this blog, we will highlight this relationship with recent events, news and market developments. We won’t focus on Norway alone but rather the world as a whole. The two current most relevant events affecting the commodity market are the reopening of China and the western sanctions on Russ...