For this year, the current account surplus estimate is based on an oil price outlook of $71 per barrel Brent.
Crude topped $81 a barrel as the global power crunch boosts demand for oil ahead of winter.
Norway’s election-winning Labor Party agreed to form a minority government with another proponent of oil exploration, the agrarian and euro-skeptic Center Party.
European stocks ended a volatile session lower on Friday as investors digested data showing slowing jobs growth in the United States, but they still marked their best week in two months as fears of soaring inflation were tempered.
Oil prices continued to rise with Brent crude up 1.2 per cent at $US82.99 a barrel while West Texas crude oil rose 1.43 per cent to $US79.43 a barrel.
As institutional investors shun oil and gas stocks because of the environmental, social, and corporate governance (ESG) trend and pressure to align portfolios to a pathway to net-zero, hedge funds are reaping the benefits of soaring commodity and energy share prices, the Financial Times reports.
Oil explorers need to raise drilling budgets by 54% to more than half a trillion dollars to forestall a significant supply deficit in the next few years.
Oil rebounded after the U.S. Energy Department said it has no plans “at this time” to tap into the nation’s oil reserves to help quell rising fuel prices.
The U.S. Energy Information Administration (EIA) projects that, absent significant changes in policy or technology, world energy consumption will grow by nearly 50% between 2020 and 2050.
Oil declined by the most in two weeks in the wake of growing U.S. inventories and after Russia signaled it is ready to help ease a global energy crisis.