Norway’s trade surplus hit a record high in October as offshore oil revenues rose amid a spike in gas prices, the SSB statistics office said.
The October surplus stood at 84.5 billion kronor ($ 9.73 billion), up 60.7% from September, a record high for the previous month.
With a daily output of about 4 million barrels per day, almost evenly distributed between oil and gas, Norway was the winner from the surge in energy prices worldwide.
Overall, 67% of the country’s total exports came from oil last month.
State-owned oil and gas company Equinor, Norway’s largest company, last month announced its strongest quarterly earnings in nine years, with operating profit of $ 9.8 billion for July-September.
With crude being Norway’s largest source of income over time, a sharp rise in gas prices in recent months has reversed the relationship.
The value of gas exports stood at 72 billion kronor in October, a fivefold increase from the previous year.
Meanwhile, oil production stood at 32.7 billion kroner, up 71.8% year on year.
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Source From: Capital
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