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Low breakeven cushions NOK over long term

Monday, August 10, 2015 9:10 AM UTC

Over the long term, Norway is better placed than most other oil-exporting countries to weather the effects of lower oil prices. Average break-even oil prices in Norwayare about USD35-40, providing some buffer against further falls in oil prices.

In comparison, break-even prices for Canadian oil sands are about twice that, averaging USD85 per barrel. In addition, Norway's fiscal rule and the translational effects of a weaker NOK provide an automatic stabiliser to the economy.

"As such, NOK shows a constructive view and believe EUR/NOK can drift lower through the rest of 2015 once oil prices stabilise", says RBC capital markets.

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Low breakeven cushions NOK over long term

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