Norway's oil wealth, an enviable nest egg in hard times

Norway has prudently tucked away most of its oil money since the 1990s in order to be able to finance its generous welfare state indefinitelyWhen times get tough, it never hurts to have 700 billion euros stashed away like Norway does in the world’s biggest sovereign wealth fund to cushion the blow of plunging oil prices. Oslo has prudently tucked away most of its oil money since the 1990s in order to be able to finance its generous welfare state indefinitely. “We sold a lot of oil when the prices were high and saved a lot of the money we received,” explained Ragnar Torvik, economics professor at the Norwegian University of Science and Technology in Trondheim.

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