The Norwegian state oil company has confirmed the discovery of a vast new oil field in the North Sea. The new reserves are thought to hold up to 1.5 billion barrels of oil. Meanwhile, Switzerland has passed Norway as the richest country in the world, based on the average per-capita wealth held by its citizens.
In other news, the United Arab Emirates are in the midst of a gasoline shortage. Despite having the sixth-largest oil reserves in the world, the government-mandated price for gasoline at the pump has caused the Emirates’ largest gasoline distribution company to operate at a substantial loss for the past year. This has dried up the flow of fuel to retail outlets.
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