Good oil prices generated huge surplus in the month of August, as reported by Statistics Norway (SSB). The trade surplus in August amounted to NOK 31.8 billion and is due to a high export value of NOK 88.1 billion.
Exports of natural gas increased by 43 per cent and crude oil exports by 29.2 per cent. The value of mainland exports was also considerably larger, Statistics Norway reports.
The value of oil exports ended at NOK 24.1 billion, which equals to an increase of almost 29.2% as compared to August last year. The reason behind this huge increase is the good oil price of of 624 NOK barrel – 219 kroner, higher than last year. The number of exported barrels of 38.7 million was, on the other hand, a decline of 16.1 per cent from August 2018.
There was also an increase in the export value of natural gas. It increased by 43% as compared to August last year, and amounted to NOK 21.1 billion. The number of standardised standard cubic meters of natural gas in gaseous form was 9.5 billion standard cubic meters, which is a decline of 3.3 per cent from August last year.
Mainland exports increased by 20.3% from last year and ended at 41.5 billion in August 2018. High export values of refined mineral oil products, propane and butane is the reason behind this successful increase in the trade surplus.