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Offloading outside of Ølensvåg in Norway. (Image: Maersk Drilling via Flickr)
Offloading outside of Ølensvåg in Norway. (Image: Maersk Drilling via Flickr)

Norway’s oil fund posts lowest return in 4 years

STAVANGER, Norway (AP) — Norway’s massive sovereign wealth fund posted a 2.7 percent return on investments in 2015, the lowest return since 2011.

The Norwegian central bank, which manages the fund, said Wednesday that last year “was a volatile year, with negative interest rates, currency turmoil, falling oil prices and weaker growth expectations for emerging markets.”

The fund’s market value rose to 7.48 trillion kroner ($854 billion) on Dec. 31, 2015, from 6.43 trillion kroner a year earlier.

Norway invests income from its offshore oil and gas sector in the fund, which is officially called The Government Pension Fund Global.

In related news, Norway’s economy shrinks in Q4, hit by low oil prices.

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