The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday.
Norway is Western Europe's largest oil and gas producer, with petroleum accounting to about 40% of its exports and about a fifth of the state's revenues.
Oil prices fell as global oil demand has slumped by about 30% as the coronavirus pandemic has curtailed movement across the world, leading to growing inventories globally.
($1 = 10.2875 Norwegian crowns)
(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)