Weekly Bulletin is. 42, 1996

Record high oil income in September

Norway exported NOK 13.9 billion worth of crude oil and natural gas in September. This is the highest export value of North Sea oil and gas ever registered in a single month. The export value of the crude oil was NOK 12.1 billion, the highest level ever seen. It has been nearly 10 years since the export value of natural gas was higher. The value of exports in August was also record high, but was still NOK 535 million lower than in September.

Compared to September last year, the export value of crude oil has increased by 52 per cent, while the export value of natural gas has increased by 44 per cent. It is particularly the high oil prices that yield the high export value. Preliminary estimates show an average price of NOK 142 per barrel in September for exported crude oil, while the corresponding price estimate for August was NOK 129 per barrel. In September 1995 the average export price was NOK 105 per barrel. In terms of volume, Norway exported 2.8 million barrels per day. This is slightly under the record volume of nearly three million barrels per day exported in August, but is about the same level as the monthly export volume maintained since oil exports from the Troll and Heidrun fields started in October last year. The export volume of natural gas totalling 113 million cubic metres per day is the highest monthly export volume so far this year, and is 58 per cent higher than in September last year. In particular, production from the Troll field is pushing up the volume.

Doubling of trade surplus

The high export value of crude oil and natural gas helped bring combined exports in September to NOK 26.4 billion, an increase of 23 per cent compared to September last year. Imports totalled 18.3 billion, up five per cent from the same month last year. The trade surplus was doubled from September 1995 to September 1996, totalling NOK 8.1 billion. For traditional goods the export value totalled NOK 12.5 billion, 1.4 per cent higher than in September 1995.

New Statistics

Foreign trade in goods, September 1996.
Statistics are published every month in the Weekly Bulletin of Statistics and in the Monthly Bulletin of External Trade. The figures are available from Customer Services, Foreign Trade, tel. +47 21 09 47 52/53. More information: Lars A. Lunde, tel. +47 21 09 47 08, e-mail: lal@ssb.no.

Weekly Bulletin is. 42, 1996