Norway’s crude oil exports reached an all-time high in March, driven by a surge in global prices following the war in Iran and the closure of the Strait of Hormuz, a critical maritime route for energy shipments. According to Statistics Norway, the country exported crude oil worth 57.4 billion kroner (approximately $6.08 billion) last month, marking a 67.9 percent increase compared to March 2024. The Strait of Hormuz, through which roughly a fifth of the world’s crude oil and liquefied natural gas passes during peacetime, has been effectively closed due to escalating regional tensions. This disruption has caused a significant supply shock in global oil markets, pushing prices to their highest monthly average since September 2023. In March, oil traded at an average of 1,014 kroner ($107.52) per barrel.
Analyst Jan Olav Rorhus noted that the closure of the Strait was a major factor behind the record export value, as the resulting price spike significantly boosted Norway’s earnings. As Europe’s largest oil and gas producer outside Russia, Norway has benefited from the global supply squeeze. The impact of Norway’s energy windfall has not gone unnoticed internationally. U.S. President Donald Trump highlighted the situation on social media, criticizing the UK for not fully exploiting its North Sea oil reserves and pointing out that Norway sells its oil to Britain at prices roughly double those paid to other suppliers.
Norway’s oil and gas wealth underpins its economic model. Revenue from these exports is funneled into the country’s sovereign wealth fund, the world’s largest, with assets totaling around $2.19 trillion. Established in the early 1990s, the fund is designed to support Norway’s generous welfare state, especially as oil and gas revenues are expected to decline over time. The current surge in export earnings underscores the strategic importance of Norway’s energy sector amid global market volatility and geopolitical instability in key shipping lanes.
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