The war in Iran and the closure of the Strait of Hormuz have pushed oil prices through the roof, which is a boon for the Norwegian oil industry.
Norway’s crude oil exports totaled NOK 57.4bn (EUR 5.2bn) in March.
This made March a record month for oil exports from Norway, according to an analysis by Statistics Norway.
The record-high oil exports in March were 67.9% higher than in March of last year, reports Børsen.
“The closure of the Strait of Hormuz has caused a significant supply shock in the oil market, which contributed to high oil prices in March and thus the highest export value ever,” says Jan Olav Rørhus, senior advisor at Statistics Norway.
Norway had total export revenues of DKK 134bn (EUR 17.9bn) in March. Crude exports thus accounted for a large share of the total.
The Strait of Hormuz between Iran and the Arabian Peninsula has been virtually closed due to unrest in the Middle East, and the price of oil and gas has risen.
Most recently, the US has also blocked the strait to prevent ships carrying Iranian oil from reaching the global market.
Under normal circumstances, about one-fifth of the oil consumed worldwide is shipped through the Strait of Hormuz. In addition, large quantities of natural gas are transported from the Gulf region to the rest of the world.
Norway’s total trade surplus in March amounted to just under DKK 66bn. This is the country’s largest trade surplus since January 2023.
Russia, which also exports oil, nearly doubled its revenue from oil exports in March, the International Energy Agency (IEA) reported earlier in April.
In total, oil exports brought Russia approximately DKK 120bn in March—a significant increase from just over DKK 60bn in February.
