Norway’s crude oil exports hit a record high in March as the war in Iran and closure of the crucial Strait of Hormuz shipping lane drove up oil prices, Statistics Norway has said, AFP reports.
The Scandinavian country is the largest producer of oil and natural gas in Europe, excluding Russia.
“The closure of the Strait of Hormuz has caused a significant supply shock on 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 ($6.08bn), up by 67.9 per cent from the same month a year earlier, Statistics Norway said.
The oil price averaged 1,014 kroner ($107.52) per barrel in March, the highest monthly level since September 2023, it said.
