No 21



Norways Revised 2003 Budget Based On $27.76/B Oil Price

Norways revised 2003 budget is based on an average oil price of 190 Norwegian crowns ($27.76)/B, which is up from the 180 crowns ($24.30)/B forecast in the original budget, announced the government on 15 May. The government projects that oil prices will fall to 172 crowns/B in 2004 and then to 149 crowns in 2007 and forecasts that oil and gas output will rise to just under 3mn b/d in 2004 which is up 1%...