Energy prices fell in NorwayStaff Writer | July 11, 2017
The decline in the PPI from May to June 2017 was due to a price drop on energy goods of 5.6 percent.
Europe Lower prices on crude oil
Crude oil prices Brent Blend measured in Norwegian kroner fell by about 9.5 percent, according to the statistics Producer price index.
It was the biggest fall in prices we have seen since January 2016 when it became known that the United States lifted an old export ban on crude oil.
The average crude price in June was about 47 USD per barrel.
High production of shale oil in the United States was the main reason for the price decline.
Prices of electricity fell by 8.3 percent from May to June.
High inflows to Norwegian water reservoirs due to snow melting and lower consumption were among the reasons for the price decline. ■