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

Norway trade surplus soars to record high, driven by gas exports 1

OSLO (Reuters) – Norway’s trade surplus rose last month to a record level thanks to soaring revenues from selling gas from its offshore fields, national statistics agency (SSB) data showed on Friday.

With a daily output of around four million barrels of oil equivalent, almost equally divided between oil and natural gas, Norway has been among the winners from an ongoing spike in global energy prices.

The trade surplus for September rose 28% from August to 53.7 billion Norwegian crowns ($6.37 billion), the highest on record, SSB said.

In total, 61% of Norway’s overall exports came from petroleum last month, the data showed.

Norway supplied 22% of the natural gas consumed in the European Union last year, second only in size to Russia’s 34% market share, according to Norwegian government data.

The overall value of Norway’s gas exports stood at 48.7 billion crowns for September, a rise of 27% from August and a sevenfold increase from a year ago, it said.

Oil exports stood at 30.4 billion crowns, up 116% from September 2020, when energy prices were depressed due to the pandemic.

($1 = 8.4344 Norwegian crowns)

(Reporting by Terje Solsvik, editing by Gwladys Fouche and John Stonestreet)

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