Norway's risk-averse wealth fund considers next moves
With prices of crude oil down by more than half in the past three years and returns below target, policymakers and critics agree the fund is due for an overhaul. For Norway, the difficulty is building a political consensus around what it should look like. Norway's SWF has returned 3.79 percent per year on average since it opened in 1998. Last year, however, the government had to make its first net withdrawal to supplement the state budget hit by the fall in oil prices and lower state revenues from oil and gas production, which accounted for half of Norway's total exports in 2016. More net withdrawals are expected in the years ahead, economists say.