Barclays: Petrodollars Were Basically Another Quantitative Easing
Parsing the incredible shrinking petrodollar.
Drip, drip, drip. That's the sound of the leaking oil demand.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Behold a once mighty sovereign wealth fund laid low(er) by plunging oil prices.
Bloomberg reports on Wednesday that Norway is predicting it will have to withdraw cash from its $820billion SWF for the first time ever as it deals with lower oil prices and budget holes. That move comes on top of a series of hits to the coffers of oil-producing states, notably Saudi Arabia, in recent months.