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Norwegian Oil Fund’s Chief Says Inflationary Uptick Permanent; Returns to Be Hit

black silhouette of oil worker and pump jack

Returns could be limited in the next years should the inflationary uptick become permanent, an official of the Norwegian oil fund warned in an FT report.

Norwegian oil fund’s Chief Executive Nicolai Tangen believes inflation could be more long term, being the “team leader for team permanent” as stakeholders debate whether inflation could be transitory or not.

Tangen said inflation is being seen across the board, citing metals, commodities, energy, gas, and wages. This will hit bonds and shares at the same time “for the next few years.”

The executive noted that data such as the increasing retirement rate or the number of individuals leaving their job have only reinforced his belief that the inflationary uptick was permanent.

Norway’s $1.3-trillion oil fund is looking to implement adjustments to look into potential fraud cases that it could unload. ENOR closed up 0.07%.

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