Norway has slashed its forecast for petroleum revenue by as much as 60% this year due to lower oil prices as state holding company Petoro reported reduced cash flow in the first quarter.

Net cash flow from the country’s key oil and gas industry, which provides about one-fifth of state revenues, is now estimated at Nkr97.8 billion ($9.8 billion) versus an earlier projection of Nkr245 billion issued last October, according to the revised national budget for 2020 presented this week.