Turnover in oil and gas, manufacturing, mining and electricity supply, April 2000

In oil and gas extraction, turnover was above NOK 60 billion, up NOK 29 billion from the corresponding period last year. This considerable increase was due mainly to a much higher price of crude oil in March/April this year, than in the same period 1999. Simultaneously, the production of oil and gas was higher up about 12 and 5 per cent in March and April respectively. The price of crude oil (Brent Blend) has increased steadily since the beginning of 1999, and the average price was about NOK 230 per barrel in March. This is an increase of 140 per cent from the corresponding period last year. In April, the price of crude oil fell to NOK 194 per barrel.

Other traditional export industries also showed a growth in turnover. The manufacture of basic metals sold for more than NOK 8 billion an increase of more than 26 per cent compared with the same period last year. Manufacturing of chemicals and chemical products also showed substantial growth, and was up by almost 28 per cent.

High turnover among producers of intermediate goods contributed to moderate the fall in total turnover in manufacturing. The decrease in manufacturing was 4.5 per cent, and total turnover was just above NOK 75 billion. However, there were fewer working days in March/April 2000 than in the corresponding period last year. Assuming constant sales per day, two working days less in March/April 2000 than in March/April 1999 will correspond to a roughly 5 per cent decrease in turnover.