According to Tord Lien, the country’s oil and energy minister, while Norway’s offshore industry is set to drop for a third straight year in 2017, it will receive a boost from the OPEC-Russia deal. He didn’t specify the extent of the expected investment surge.

“What OPEC has done is good. It’s good in the short-term for producers, good for investments in the oil industry and the global energy supply, so it’s also good for consumers in the time ahead,” Lien said, as quoted by Bloomberg.

Investment in the Norwegian oil sector is expected to reduce to $18 billion, which is 34 percent less than two years ago when crude cost over $100 per barrel. Falling oil prices have also cost the country 40,000 jobs.

Norway has refused to cut production because it has already fallen by more than 50 percent since the peak in 2000. However, it is still due to grow for the third consecutive year.

On Wednesday, oil prices continued to slide from the 16-month highs seen on Monday with Brent oil trading 31 cents down at $53.62 and US WTI trading at $50.62.

Both OPEC and Russia produced a record amount of oil in November, casting doubt that in the race for market share they will be able to stick to the agreement reached.

"We will see whether belief in the (OPEC production) deal will hold. There is a big discrepancy right now between expectations, perception, and reality,” said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt, as quoted by Reuters.

After the meeting, Trump took credit for a planned $50 billion investment in U.S. startups by the Japanese company, Softbank (SFTBF), that he said would create 50,000 jobs.
Photos showed SoftBank CEO Masayoshi Son holding a document with the logos of both his company and Foxconn's.
"Commit to: Invest $50bn + $7bn in US, generate 50k + 50k new jobs in US in next 4 years," the document said.
foxconn terry gou
Foxconn founder Terry Gou speaking at a shareholders meeting in Taiwan in June.
That led to speculation that Foxconn could be planning to invest $7 billion in the U.S. to create 50,000 jobs.
But Foxconn declined to provide any further information.
"While the scope of the potential investment has not been determined, we will announce the details of any plans following the completion of direct discussions between our leadership and the relevant U.S. officials," it said.

Foxconn declined to comment on whether the possible investment is linked to Trump's election.
Trump tweeted that Son told him Softbank's investment would not have happened if Trump hadn't won the U.S. election. After the meeting, Son said he told Trump he would like to "celebrate his presidential job" because Trump has made deregulation part of his platform.
But it wasn't clear how much of the money Son pledged might have ended up in the U.S. anyway.
In October, weeks before the election, SoftBank and the government of Saudi Arabia announced plans to form a $100 billion fund to invest in technology companies around the world. Son told The Wall Street Journal in an interview that the money he promised Trump would come from the huge fund.
It wasn't clear why Son was carrying a document with Foxconn's name on it. The two companies are separate but have worked together in the past. Son is known to be friends with Foxconn's founder, Terry Gou.
-- Jill Disis and David Goldman contributed to this report.