Norwegian economy facing downward pressure from lower crude oil prices, statistics office says. File photo by num_skyman/UPI OSLO, Norway, Sept. 16 (UPI) — The low price of crude oil has led to clear downturns in the Norwegian economy and that pressure should persist, government data show. "The Norwegian economy has been in a clear, petroleum-driven cyclical downturn for a year," a statement from Statistics Norway said. Crude oil prices are down more than 50 percent from last year, forcing many energy companies to cut back on spending. In many basins, that means less overall production. Preliminary production figures from the Norwegian Petroleum Directorate, the nation’s energy regulator, show an average daily production of around 1.9 million barrels of oil, natural gas liquids and condensate. That’s about 2 percent less than July. The government’s statistics office said the decline in investment in the petroleum industry is one of the key […]