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Norwegian oil prices break new records
statistikk
2005-04-11T10:00:00.000Z
Prices and price indices;National accounts and business cycles;Energy and manufacturing
en
ppi, Producer price index, price trends, inflation, domestic market, export market, economic indicator, intermediate goods, energy goods, consumables, capital goods, metal-working industry, food industry, oil refining, machine industry, mining, metal prices (for example gold, aluminium, copper)Producer and wholesale price indices, Energy , Oil and gas , Business cycles , Manufacturing, mining and quarrying , National accounts and business cycles, Prices and price indices, Energy and manufacturing
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Producer price index, 15 March 2005

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Norwegian oil prices break new records

Prices of crude oil (Brent Blend) increased by NOK 289.72 to NOK 328.82 per barrel from February to March. At this the all time high price from October 2004 was surpassed. The rise in oil prices is mainly attributed to continuing strong demand and limited capacity. In manufacturing, prices went up by 0.8 per cent in the same period

Prices within oil and gas extraction increased by 12.6 per cent from February to March. Figures from the London Spot Market (LSM) show a 13.5 per cent increase in prices of Brent Blend in March. The rise in oil prices, which is mainly due to strong demand and limited capacity, was the main reason for the 6.4 per cent increase in the total index.

The increase in manufacturing prices - 0.8 per cent - was mainly due to the rise in prices of refined petroleum products, while metal prices declined and thereby reduced the increase.

According to the Nordpool spot market, electricity prices increased by 15.5 per cent from February to March. Consumption of electricity increased due to cold weather, which lead to an increase in prices.

Among the main industrial groupings, prices of energy goods increased by 11.6 per cent, while capital goods decreased by 0.5 per cent.

12-month rate: March 2004 to March 2005

In manufacturing, prices increased by 6.0 per cent compared with March 2004. The development in the 12-month rate is related to higher prices of refined petroleum products and chemicals.

The total index for oil and gas extraction was 34,3 per cent higher in March this year compared with last year. The price of Brent Blend increased by 40.2 per cent during the period, while the price of electricity fell by 3.3 per cent. Among the main industrial groupings, prices of energy goods increased by 30.1 per cent.

Producer price index. 2000=100
  March 2005 Changes in per cent
  February- March 2005 March 2004-March 2005
Total index  117.1 6.4 17.5
Oil and gas extraction  128.3 12.6 34.3
Manufacturing, mining and quarrying  109.8 0.8 6.1
Electricity, gas and steam supply  204.7 7.1 -8.7

Commodity price index for industrial sectors

As announced previously, the articles for the Producer Price Index and the Commodity Price Index for the industrial sectors are now coordinated. The web pages for both surveys will remain the same for the time being - www.ssb.no/ppi_en and www.ssb.no/vppi_en.

Commodity price index for the industrial sectors. 2000=100
  March 2005 Changes, per cent
  February 2005-
March 2005 		March 2004-
March 2005
Total index  122.3 6.3 17.5
Oil and gas extraction  128.3 12.6 34.3
Manufacturing, mining and quarrying  110.0 0.8 6.1
Electricity, gas and steam supply  198.1 7.1 -8.7