Oil export value up 30 percent for Norway in April

May 15 (UPI) -- The monetary value of crude oil exports from Norway in April increased 30 percent even though volumes remained the same, the government said Monday.

Statistics Norway, the government's record-keeping division, said the value of crude oil exports in April was $2.2 billion, an increase of 30 percent year-over-year.

"Because the number of exported barrels of crude oil was approximately the same as in April last year, the rise is due to a price increase of almost $11 per barrel," the agency stated.

For natural gas, the export value was $1.7 billion, an 11.5 percent increase from April 2016, which the government attributed to a higher export volume and improved prices.

Norway is one of the leading oil and natural gas exporters to the European market, apart from Russia. Most of what Norway produces offshore is designated for exports.

The government has yet to issue production figures for April. A preliminary estimate of March volumes showed a production rate of 1.7 million barrels of oil per day, which was 8 percent higher year-over-year and 1.6 percent greater than expected. Total gas production was also slightly above last year's figures.

Crude oil prices posted significant declines last month, but have recovered some lost ground so far in May. In late April, Statistics Norway said most industrial managers expressed optimism about the pace of the economy, though oil and gas suppliers were less convinced. Tepid growth in Europe, coupled with lower energy prices by relative standards, could be creating issues on the margins of the Norwegian economy.

For full-year 2016, the statistics agency reported the total value of exported goods was $87.6 billion, down 10 percent from 2016. The government attributed the decline to last year's energy sector weakness.

"The total value of oil and gas exports is the lowest since 2004," it said.