oil  Total Projections 120  80  80  40  40  0  0  -40  -40  -80  -80  19 84 19 86 19 88 19 90 19 92 19 94 19 96 19 98 20 00 20 02  120  Source: NB 2000  Legg inn filadresse her  3  BIS Review 121/1999  Projections indicate that revenues will remain at about the same level until around 2008, when they are expected to gradually decrease as petroleum production declines. The Norwegian Government runs a budget surplus including petroleum revenues. The columns show the budget surplus (or deficit), excluding petroleum revenues. The line represents total net government surplus, which is transferred to the Government Petroleum Fund. The surplus also includes yields on Fund investments. We note that the amount of petroleum income used to finance public expenditure varies from year to year, while a large portion of the income is saved. Oil prices and hence petroleum revenues fluctuate over time. Chart 5  The price of crude oil. USD per barrel  50  50  40  40  30  30  20  20  10  10  0  0 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98  Source: Norges Bank Legg inn filadresse her  After a period of high prices in the 1970s, when OPEC first demonstrated its power, and the early 1980s, oil prices have been fairly stable.
The Riksbank (2014a), From A to Z: the Swedish mortgage market and its role in the financial system, Riksbank Studies, April. The Riksbank (2014b), Households’ sensitivity to interest rates, article in Monetary Policy Report, October. The Riksbank (2014c), Appendices to the memo Amortisation requirements – a step towards a more sustainable debt situation, 11 November. 4  BIS central bankers’ speeches