ANCHORAGE, Alaska (AP) — Alaska’s latest revenue forecast has estimated a $200 million decrease in oil revenue after an excess of the resource contributed to lower prices worldwide, state officials said.

The state Department of Revenue released the forecast Friday revealing both prices and production are running below expectations presenting challenges for state officials planning next year’s budget, officials said.

The Alaska North Slope oil price is forecast to decline from the $66 originally projected in the spring to $63.54 a barrel before July 1 and $59 after July 1, department o...