Norway’s Oil Revenues Halved

According to the preliminary figures from Statistics Norway (SSB),  oil revenues in the previous month is the lowest in last 13 years.

The decrease is mainly due to sharp decline of the oil price as much as 44.7 percent. In January 2014, the value of crude oil exports was 29.1 billion NOK. 

The low price of oil affected the foreign trade sharply. In the first month, goods worth of 71.6 billion were exported with a decrease of 20.9 percent. Meanwhile, the value of the imported goods reached to NOK 44.5 billion, and thus the trade surplus became 27.1 billion NOK.

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