Norway oil revenues hit record high after Strait of Hormuz closure

Norway has seen record-high revenues from crude oil exports, driven by a surge in global energy prices following the closure of the Strait of Hormuz amid the Iran war.

Government agency Statistics Norway said export revenues reached nearly 200 billion kroner ($21 billion) in March, marking a rise of more than 28% compared with the same month last year, AP reports. 

Natural gas exports also climbed sharply, increasing 19% year-on-year to more than 69 billion kroner, the highest level recorded since February 2023.

Analysts linked the surge in earnings to supply disruptions and heightened geopolitical tensions in the Middle East, which tightened global energy markets.

“The closure of the Strait of Hormuz has caused a significant supply shock in the oil market, which contributed to the high oil prices in March, and thus the highest export value ever,” said Jan Olav Rørhus, a senior adviser for the agency.

He added that “the geopolitical unrest in the Middle East … effectively led to a halt in deliveries of liquefied natural gas through the Strait of Hormuz” in March, which further influenced price movements.

By Sabina Mammadli