Though cash from the petroleum industry was lower than expected, the Norwegian government said Wednesday the sector was producing ample value for the economy.

The Norwegian government said the net cash flow from the petroleum industry is expected to reach $46 billion this year, about 9 percent less than Oslo expected in its budget forecast for last year. The government attributed the price to lower tax receipts and a slump in global energy prices.

In last year's budget forecast, the government said it expected a global oil price of around $103 per barrel on average. Brent crude oil Wednesday dropped below $91 per barrel.

Nevertheless, Energy Minister Tord Lien said he was pleased to find the petroleum sector providing value to the national economy.

"The industry is Norway's most important in terms of value creation, state revenue and export value," he said in a statement.

Norway has more oil reserves than any other European country. Last year, it exported 1.19 million barrels per day worth of oil, with most of that headed to the British and Dutch economies.

For August, the last full month for which data are available, the government said the average daily production of 1.48 million barrels per day was 10 percent above what was expected for the year.