High Gas Prices Push Norway's Dec Trade Surplus to Record

January 17, 2022

Credit: Equinor (file photo)
Credit: Equinor (file photo)

Norway's trade surplus rose to a new record in December, boosted by soaring prices for its natural gas exports, national statistics agency data showed on Monday.

The December surplus hit 106 billion Norwegian crowns ($12.09 billion), beating a previous record of 84.5 billion set in October.

With a daily output of around 4 million barrels of oil equivalent, almost equally divided between oil and natural gas, Norway has been a winner https://www.reuters.com/business/energy/norway-russia-reap-rewards-europes-flexible-gas-market-2021-09-24 from the spike in global energy prices.

Exports totalled 181.8 billion crowns last month, of which 52% of came from natural gas and 19% came from oil, the data showed.

The value of gas exports stood at 95.1 billion crowns in December, an increase of just over 500% from a year ago. Oil exports, meanwhile, rose 71% to 34.9 billion crowns.

Led by state-controlled Equinor, Norway supplies around 25% of the natural gas consumed in the European Union, second only in size to Russia's 34% market share, according to Norwegian government data.

($1 = 8.7671 Norwegian crowns)

(Reporting by Terje Solsvik, Editing by Louise Heavens and Tomasz Janowski)





Current News

UAE Interested in Turkish Energy Investments

UAE Interested in Turkish Energy Investments

Norway's Hammerfest LNG Plant Resumes Operation After 20-month Outage

Norway's Hammerfest LNG Plant Resumes Operation After 20-month Outage

UK North Sea Oil Producers See Shares Drop after Windfall Tax News

UK North Sea Oil Producers See Shares Drop after Windfall Tax News

Trident Energy Wraps Subsea Work in Brazil to Boost Pampo Field Output

Trident Energy Wraps Subsea Work in Brazil to Boost Pampo Field Output

Subscribe for OE Digital E‑News

Offshore Engineer Magazine