Norway posts record crude oil export value in March as Gulf tensions boost prices

Norway’s crude oil export value hit a record in March as tensions in the Gulf pushed global oil prices higher, Statistics Norway reported on April 15. March crude oil exports rose 68% year over year to 57.4 billion kroner (about $6.1 billion).

March export performance

Statistics Norway said the volume of crude oil exported in March was 56.6 million barrels. The average crude oil export price was 1,014 kroner (about $107.52) per barrel, the highest since September 2023.

Jan Olav Rorhus, a senior advisor at Statistics Norway, attributed the increase to supply disruptions in the region. “The closure of the Hormuz Strait has caused a major supply shock on the market, pushing oil prices higher in March, hence Norway’s oil export value reached a record,” he said.

Hormuz Strait disruption and shipping flows

Rorhus’ comments followed developments affecting the Hormuz Strait. Iran has closed the strait for 45 days, while the U.S. began a blockade from April 13. Reuters reported that traffic through Hormuz is moving very slowly, with only a few ships per day compared with more than 130 per day before the conflict.

Reuters also noted that Hormuz is a key shipping route, through which about 20% of global crude and LNG is normally shipped.

Broader trade impact

Norway, the largest energy exporter in Western Europe, also benefited from higher gas prices linked to Gulf supply disruptions. Total oil and gas exports contributed to a trade surplus of 97.5 billion kroner, the highest since January 2023.

However, the report said oil and gas exports and the trade surplus remain well below the 2022 peak reached after the Russia-Ukraine war began.

Policy debate and market effects

In a separate development, Donald Trump claimed on Truth Social on April 14 that “Europe is desperate for energy” and that “Norway is selling North Sea crude to the UK at double the price,” adding that Norway is “making a lot of money.”

Norway’s Finance Minister Jens Stoltenberg—who previously served as NATO Secretary General—rejected analyses that the country benefits from the Middle East conflict. He argued that the negative impact of the conflict on stock markets, and therefore on Norway’s sovereign wealth fund of $2.2 trillion, outweighs any gains from higher energy prices.

Comparisons: U.S. and Russia export changes

Other countries also reported higher oil export values and volumes amid the U.S.-Iran conflict. The International Energy Agency (IEA) said Russia’s crude exports and refined products rose to about $19 billion in March, nearly double the $9.75 billion recorded in February, driven mainly by higher prices.

The IEA reported that Russia’s March crude exports increased by 270,000 barrels per day from February to 4.6 million barrels per day. It also said Russia’s March crude output was 8.96 million barrels per day, up from 8.67 million barrels per day in February. The IEA cautioned that Russia may face near-term constraints on increasing output due to drone-attacked export ports and oil-and-gas infrastructure.

For the United States, the U.S. Energy Information Administration (EIA) said weekly crude exports reached a record 5.2 million barrels per day for the week ended April 10, up by more than 1 million barrels per day from the prior week. The EIA also reported U.S. refined product exports of around 7.5 million barrels per day.