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Norway trade surplus soars to record high, driven by gas exports By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO NOLA: Norwegian flags fly at Karl Johans Street in Oslo (Norway), May 31, 2017. REUTERS/Intskalnins/File Photos/File Photograph

OSLO (Reuters) – Norway’s export surplus grew last month by a record amount due to record-breaking revenues from the sale of gas from its offshore field, data from the national statistics agency (SSB), showed Friday.

With a daily output of around four million barrels of oil equivalent, almost equally divided between oil and , Norway has been among the winners https://www.reuters.com/business/energy/norway-russia-reap-rewards-europes-flexible-gas-market-2021-09-24 from an ongoing spike https://www.reuters.com/business/energy/energy-crunch-stokes-inflation-economic-recovery-fears-2021-10-12 in global energy prices.

According to SSB, September’s trade surplus rose by 28% from August and reached 53.7 billion Norwegian Crowns (or $6.37 billion), which is the largest ever recorded.

The data revealed that 61% of Norway’s total exports were made from petroleum in the last month.

Norway provided 22% natural gas for the European Union, second in volume to Russia’s 34%, according to Norwegian government statistics.

According to the report, Norway’s total gas exports amounted to 48.7 Billion Crowns (a rise of 27% over August and a sevenfold increase over a previous year).

The oil exports reached 30.4 billion crowns in September 2020. This was an 116% increase from September 2020 when energy prices had fallen due to the pandemic.

($1 = 8.4344 Norwegian crowns)

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