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Norway oil region’s business outlook strongest since 2013

Norway oil region’s business outlook strongest since 2013

OSLO: Business conditions deteriorated slightly in Norway’s western oil-producing regions in the last three months, but companies are becoming more and more optimistic with regards to their outlook, a sentiment survey showed on Friday.

 The price of crude oil, Norway’s key export, fell sharply from mid-2014 to early 2016 but has since staged a partial recovery, while non-oil exporters are boosted by a weak crown currency.

The West Coast Current Conditions Index fell an additional 0.7 points to 60.3, the survey by Respons Analyse and Sparebanken Vest showed.

Expectations for the next six months rose further to 67.1 points from 65.9, reaching the highest level since the second quarter of 2013.

“Higher oil prices have contributed to increased profitability in the petroleum sector, while the weakening of the Norwegian crown has provided good competitive conditions for export companies,” Sparebanken Vest said.

“The increased optimism is also supported by the upward revision of petroleum investments in 2018 in the latest industry survey by Statistics Norway,”