Published on •Updated
Norway’s crude oil exports hit a record high in March as the war in Iran and the closure of the crucial Strait of Hormuz shipping lane drove up oil prices, Statistics Norway said on Wednesday.
The Scandinavian country is the largest producer of oil and natural gas in Europe, excluding Russia.
Around a fifth of global crude oil and liquefied natural gas (LNG) passes through the Strait of Hormuz in peacetime.
“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 (Norway’s) highest export value ever,” analyst Jan Olav Rorhus said in a statement.
Norway’s crude oil exports in March amounted to 57.4 billion kroner (€5.16bn), up 67.9% from the same month a year earlier, Statistics Norway said.
The oil price averaged 1,014 kroner (€91.14 and $107.52) per barrel in March, the highest monthly level since September 2023, it said.
The bonanza has not escaped the attention of US President Donald Trump, who referred to it in a post on Truth Social on Tuesday.
“Europe is desperate for energy, and yet the United Kingdom refuses to open North Sea oil, one of the greatest fields in the world. Tragic!!!” Trump wrote.
“Aberdeen should be booming. Norway sells its North Sea oil to the UK at double the price. They are making a fortune,” Trump said.
Norway owes much of its prosperity to its oil and gas reserves.
It invests the state’s oil and gas revenue in its sovereign wealth fund, the world’s largest, with assets of around $2.19 trillion (€1.86tr).
Created in the early 1990s, the fund is intended to finance future spending in Norway’s generous welfare state, as revenue from oil and gas exports could decline over the long term.