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Surging oil price spurs Norway to make first deposit to its wealth fund since 2016

Norway has made the first deposit to its huge wealth fund in close to three years at a time when increasing oil prices and a recovering economy again benefits oil producing nation.

Photo: Bloomberg

Norway made the first deposit to its USD 1 trillion wealth fund in almost three years as climbing oil prices and a recovering economy again swell the coffers of western Europe's biggest crude producer.

The Finance Ministry put NOK 1.9 billion kroner (USD 230 million) into the fund in June, cutting withdrawals this year to NOK 7.9 billion, according to the Norwegian Government Agency for Financial Management. In its most recent budget released in May, the government had anticipated it would take out NOK 21 billion this year.

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