The oil reserves are dwindling, that's for sure, but it will take a generation or two before it's all over. New fields are still under construction and there is also a substantial amount of natural gas to be sold over the coming 30 - 40 years.
As for saving for a rainy day? You bet. Currently the funds on hand are approximately 70 % of GDP and still growing at some 10 % every year. Simply put Norway as a nation is the richest there is. (that is of course a relative measure since the amount is only somewhere between 120 - 140 billion dollars)
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