Norway Oil Exports Jump 68% as Iran Conflict Drives Price Surge

Norway’s crude oil exports surged in March, pushing revenues to multi-year highs as disruptions linked to the Iran conflict and the closure of the Strait of Hormuz drove up prices.

Norway's crude exports reached 57.4 billion kroner (€5.16 billion), up 67.9 percent from a year earlier. (Photo: Equinor Facebook)

Data from Statistics Norway showed crude exports reached 57.4 billion kroner (€5.16 billion), up 67.9 percent from a year earlier.

The Scandinavian nation remains Europe’s largest oil and natural gas producer outside Russia. Roughly one-fifth of global crude oil and liquefied natural gas typically passes through the Strait of Hormuz, according to reports from Agence France-Presse (AFP).

“The closure of the Strait of Hormuz has caused a significant supply shock,” analyst Jan Olav Rørhus said, noting that the disruption contributed to record export values.

The International Energy Agency also warned that escalating tensions could pose one of the most significant threats to global energy security in recent history.

Oil prices averaged 1,014 kroner per barrel in March, equivalent to about $107.52, marking the highest monthly level since September 2023.