Norway Central Bank, Slammed By Oil Plunge, Warns Of “Severe Downturn”, Unexpectedly Cuts Rates

Thursday, December 11, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
12/11/2014

New oil projects are being scrapped in Norway amid falling production and low oil prices. The governor of Norway’s central bank says western Europe’s biggest oil producer is facing a major economic slowdown as crude prices continue to plunge. As Bloomberg reports, Oeystein Olsen said today after unexpectedly cutting rates and shocking markets to a new 5 year low in NOKEUR, “our job now is that we need to prevent a severe downturn in the economy… that is presently the major concern of the board.”

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