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Barclays: Petrodollars Were Basically Another Quantitative Easing

Parsing the incredible shrinking petrodollar.
Drip, drip, drip. That's the sound of the leaking oil demand.

Drip, drip, drip. That's the sound of the leaking oil demand.

Photographer: Andrey Rudakov/Bloomberg

Behold a once mighty sovereign wealth fund laid low(er) by plunging oil prices.

Bloomberg reports on Wednesday that Norway is predicting it will have to withdraw cash from its $820billion SWF for the first time ever as it deals with lower oil prices and budget holes. That move comes on top of a series of hits to the coffers of oil-producing states, notably Saudi Arabia, in recent months.