The war in Iran and the closure of the Strait of Hormuz have pushed up oil prices, which is good for the Norwegian oil industry.
Norway's crude oil exports ended in March at 57.4 billion Norwegian kroner, which is equivalent to almost 39 billion Danish kroner. March thus set a record for the highest oil exports from Norway ever. This is shown by an economic analysis from Statistics Norway, which is Norway's counterpart to Statistics Denmark.
The record-high oil exports in March were 67.9 percent higher than in March last year, writes Børsen.
- 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, says Jan Olav Rørhus, senior advisor at Statistics Norway.
Norway had total export revenues of 134 billion Danish kroner in March. Crude oil exports therefore accounted for a large part of the cargo.
The Strait of Hormuz between Iran and the Arabian Peninsula has been largely closed due to the unrest in the Middle East, and the price of oil and gas has risen. Most recently, the United States has also blocked the strait to prevent ships carrying Iranian oil from sailing to the world market.
Under normal circumstances, about a fifth of the oil consumed in the world is shipped through the Strait of Hormuz. In addition, large quantities of natural gas are shipped from the Gulf region to the rest of the world.
Norway's total trade surplus in March was almost 66 billion Danish kroner. This is the largest trade surplus in the country since January 2023.
Russia, which also exports oil, almost doubled its income from oil exports in March. This was reported by the International Energy Agency (IEA) earlier in April.
In total, oil exports brought Russia around 120 billion kroner in March - a significant increase from just over 60 billion kroner in February.
/ritzau/
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
