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Higher Prices Raise Norway’s Oil Export Value By 30% Y/Y In April

Oil

Norway’s crude oil exports were basically flat in volume last month compared to April 2016, but the higher oil prices led to a 30-percent rise in crude oil export revenues for the country, Statistics Norway said on Monday.

The value of Norway’s crude oil exports jumped by 30.3 percent on the year to US$2.256 billion (19.2 billion Norwegian kroner) in April. The value was also a 5.6 percent increase over March, preliminary figures by the statistics office showed.

Between January and April, the value of Norway’s crude oil exports jumped by 51.9 percent annually to US$9.155 billion (77.9 billion Norwegian kroner).

The value of natural gas exports increased by 11.5 percent last month compared to April 2016, due to both higher export volumes and prices, Statistics Norway noted.

“Increased revenues from the continental shelf commodities - crude oil and natural gas - contributed to a solid trade surplus in April,” the statistics office said, commenting on the overall trade surplus for the country last month.

Also on Monday, Statistics Norway said that for the whole 2016, low prices were the main reason for the decline in oil and gas export value, which hit its lowest since 2004. The value of all Norwegian exports dropped last year by 10 percent over 2015, mostly due to lower natural gas exports, but also to lower crude oil sales abroad.

Related: A Red Flag For Oil Markets? China’s Refinery Throughput Plunges

In February this year, Statistics Norway said that Norway’s economy had started to recover from the blow dealt by the oil price slump, but things were improving slowly. Including oil and gas income, Norway’s GDP expanded by 1.1 percent in the fourth quarter of 2016, on the back of rising oil investments – these went up for the first time in 13 quarters in Q4 2016.

According to the latest available figures by the Norwegian Petroleum Directorate (NPD), preliminary production for March 2017 showed an average daily production of 2,145,000 barrels of oil, NGL, and condensate, up by around 3 percent compared to February. Oil production averaged 1,734,000 bpd, around 8 percent above the oil production in March last year and about 4.3 percent above the NPD’s forecast for March 2017.

By Tsvetana Paraskova for Oilprice.com

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