The signs are worrying: For the first time ever, Norway announced plans to tap its fund to make up for lost oil revenues earlier this month.
The country plans on withdrawing around $450 million from the fund which had $820 billion under management as of the end of June of this year.
While this is not a massive slice of the pie, analysts are worried that the behemoth fund’s days of stellar growth may be numbered especially with oil prices predicted to stay low for longer and the $100 per barrel price tag something of a distant memory.
The fund, officially called the Government Pension Fund Global, has accumulated over 25 years of investing oil revenues, making headlines at the start of last year when it rose to 5.11 trillion Norwegian crowns, which at the time was worth $828.66 billion. This meant every person in Norway became a theoretical crown millionaire for the first time thanks to strong oil and gas prices.