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.

Jean-Sebastian Jacques, the French executive who was promoted to the top job in July, said the Anglo Australian miner was used to working with the authorities in the region and hoped to resume exports soon.

Last week Rio’s subsidiary in Mongolia was forced to suspend copper shipments from its vast Oyu Tolgoi mine after Chinese authorities closed a border crossing and ordered copper to be shipped via a different route. The miner expressed concerns that queuing trucks were being made to wait in sub-zero temperatures.

China’s action was thought to be due to its displeasure at a visit to Mongolia by the Dalai Lama, the Tibetan spiritual leader who is not recognised by Chinese authorities.

Mr Jacques, who shepherded Oyu Tolgoi into production in his previous role as head of copper, said the miner was used to such “bumps in the road”. “Each time we would work with the authorities and each time it was resolved. I’ve no doubt it will be resolved this time,” he said.

The mine is a flagship project for Rio Tinto, which earlier this year approved a $5.3bn (£4.2bn) expansion to tap deeper levels of the deposit. Nearly all of Oyu Tolgo’s output is sent south to China, the world’s biggest consumer of metals.

The flare-up in Mongolia is the merely the latest headache for the Rio boss, who is contending with two separate regulatory probes into the mining giant’s past activities. Three regulators, including the UK’s Serious Fraud Office, are looking at a £10.5m payment made to help secure an iron ore deposit in Guinea, while US authorities are investigating a $3bn writedown on a mine in Mozambique.

Mr Jacques, speaking ahead of a presentation to analysts in London, said the Guinea probe was a “challenging story” but insisted: “I take integrity and code of conduct very seriously. Where we operate, we must do the right thing.”

Rio Tinto is targeting a $5bn boost in free cashflow over the next five years as it looks to wring more out of its assets.