Norway Posted Record Trade Surplus as Oil Exports Boom

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Norway Posted Record Trade Surplus as Oil Exports Boom


Category: Statistics

The world’s seventh-largest oil exporter saw its trade surplus surge by an annual 53.6 percent last month, Statistics Norway said in a statement today. Exports rose 25 percent to 84.5 billion kroner.

“The price per barrel was 692 kroner this month, compared to 603 kroner in February last year,” the agency said.  “This represents the third highest oil price in kroner ever registered– close to the all time high in the summer of 2008.”

Norway, home to oil producer Statoil ASA, has withstood Europe’s debt crisis as higher crude prices spur record investments this year in offshore oil and gas fields. Petroleum spending will rise to 186 billion kroner this year, a quarterly survey from the country’s Statistics office showed this month.

Norway exported crude oil for 30.6 billion kroner in February, up 25 percent from a year earlier. Exported volumes rose to 44.2 million barrels from 40.7 million barrels in the same month last year.

The exported value of natural gas in February was 22.9 billion kroner, down by 1.3 billion kroner from January when the country shipped a record amount of gas.

Source: Bloomberg

Published: May 29, 2024