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OPEC production cut ups the price of crude

OPEC's surprise announcement of cuts in oil production by 900.000 barrels a day, effective November 1st, led to an increase in the price of crude by one USD a barrel on Wednesday.

OPEC's surprise announcement of cuts in oil production by 900.000 barrels a day, effective November 1st, led to an increase in the price of crude by one USD a barrel on Wednesday.

This means increased income for the Norwegian National Oil Fund.

For each NOK in average increase per year in the price of crude on the world market, the Norwegian National Oil Fund increases by an extra NOK one billion a year.