Stoppe veksten av markedene, kan redusere oljeprisen

Slow growth in some of the world's so-called developing markets may lower the oil price. This can harm Norway more than the euro crisis, according to experts.

Since the global financial crisis the developing markets have been the engine that has kept the world economy running. However, now the growth seems to be stalling. This affects Norway, says Economy Professor Karen Helene Ulltveit-Moe at the University in Oslo.

The growth is stagnating or diminishing in large growth economies such as China, Brazil and Russia. At the same time, these countries have also experienced significant stock market declines and capital outflows.

Ulltveit-Moe thinks that what happens in these countries may have a larger effect on the Norwegian economy than the financial crisis in other European countries. Less growth in these markets leads to a lower demand for commodities such as oil and gas. This will lower the oil price, she tells Aftenposten.

So far this year, the price of oil from the North Sea has fluctuated from USD 118 in February to less than USD 100 in April and June.

The money from oil - and gas sales is Norway's largest export earnings.