May 12, 2020 / 9:02 AM / 14 days ago

Norway cuts oil price assumption to NOK 331 per barrel in revised budget

OSLO, May 12 (Reuters) - The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday.

Norway is Western Europe’s largest oil and gas producer, with petroleum accounting to about 40% of its exports and about a fifth of the state’s revenues.

Oil prices fell as global oil demand has slumped by about 30% as the coronavirus pandemic has curtailed movement across the world, leading to growing inventories globally. ($1 = 10.2875 Norwegian crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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