Norway’s Krone

Slumping oil output weighs on NOK

Erik Norland, Senior Economist, CME Group, Strategic Intelligence & Analytics
Originally published in the November | December 2019 issue

When seen from a US dollar (USD) perspective, the Norwegian krone (NOK) appears to be driven by two main factors: 1) the price of oil (Fig.1 and 2) the relative value of other European currencies. This isn’t too surprising given that crude oil and its refined products accounted for 56.5% of Norway’s exports in 2018 and the great majority of those exports were within Europe (8.5% to Sweden, 20% UK and 43% eurozone, and another 4% to euro-linked Denmark). 

This article is only available to subscribers.

Having problems?

If you have any questions regarding subscriptions or restricted content, please contact us on +44 (0)207 278 3385 or