Dyr gass løftet Norges overskudd

I the autumn, gas prices in Europe soared due to disruptions in tanker shipments out of the Hormuz Strait and dwindling gas reserves in Europe, particularly in countries like Germany. This contributed to Norway achieving its highest trade surplus since January 2023, according to the Statistics Norway agency. Since then, oil, gas, fuel, and electricity prices have surged, increasing individuals' bills but simultaneously boosting Norway's export revenues.

From the consumer's point of view, this does not seem appealing, said Ole Hvalbye of ABG Sundal Collier to E24 last week. In August, Norway's exports increased by over 30% compared to August last year, the agency reported. Imports rose by seven percent from the same period last year. The trade surplus was 69 percent higher in August this year than in the same month last year, as per the agency.

The conflict in the Middle East continues to put pressure on oil and gas prices, contributing to increased export revenues for Norway in August, says Jan Olav Rørhus, a senior adviser at the Statistics Norway agency. The Krona also influences the figures, having strengthened since last year. This, isolated, contributes to industries exporting at lower costs, while importers pay less for their goods, notes the agency.

The agency states that Norway exported gas worth 77.7 billion kroner in August, the highest level since January 2023. The European gas price was significantly lower at that time last year. According to the agency, Europe's gas price was the highest since January 2023 in August. Unusually low filling levels in European gas reserves, combined with unrest around the Hormuz Strait, have driven gas prices up to their highest level in over three years, Rørhus explains.

Norway exported 10 billion cubic meters of gas in August, 1.2 percent more than in August last year.