Why did Norway's crude oil export value reach a record high in March?

The outbreak of the Iran war and the blockade of the Strait of Hormuz pushed up international oil prices.

How much did Norway's crude oil exports reach in March, and what was the percentage increase?

Norway's crude oil exports reached 57.4 billion Norwegian krone in March, which is a 67.9 percent increase compared to the same period last year.

What was the average price of a barrel of crude oil in Norway in March, and when was the last time it was this high?

The average price of crude oil per barrel in March was 1014 krone, representing a new monthly high since September 2023.

What claim did Donald Trump make regarding Norway and the United Kingdom's oil trade?

Trump claimed that Norway sells North Sea oil to the United Kingdom at double the price while the United Kingdom builds windmills.

Iran war pushes up oil prices; Norway's March crude oil export value hits record high

Q: What portion of the world's crude oil and LNG is transported through the Strait of Hormuz in peacetime?

During peacetime, approximately one-fifth of the world's crude oil and liquefied natural gas is transported through the strait.

Published Apr 15, 2026 10:26 PM ・ Updated Jun 18, 2026 7:14 PM ・ 4 min read ・ Source: CNA (Central News Agency)

As the Iran war and the blockade of the Strait of Hormuz drive up international oil prices, Norway's crude oil export value reached a record high in March, surging 67.9% year-on-year to 57.4 billion krone.

Major Iran War News

(CNA, Oslo, 15th) As the outbreak of the Iran war and the blockade of the critical shipping lane, the Strait of Hormuz, push up international oil prices, Statistics Norway stated today that Norway's crude oil export value hit a record high in March.

AFP reported that during peacetime, about one-fifth of the world's crude oil and liquefied natural gas (LNG) is transported through the Strait of Hormuz. Norway is Europe's largest oil and gas producer, excluding Russia.

Analyst Jan Olav Rorhus stated in a release: "The closure of the Strait of Hormuz has severely impacted supply in the oil market, causing oil prices to spike in March, which in turn pushed (Norway's) export value to a new high."

Statistics Norway stated that Norway's crude oil exports reached 57.4 billion Norwegian krone (about 192.2 billion NTD) in March, a massive 67.9% increase compared to the same period last year. The average price of crude oil per barrel in March was 1014 krone, also a new monthly high since September 2023.

This boom has also caught the attention of US President Donald Trump. Trump posted on his social media platform "Truth Social" yesterday, claiming that the UK does not drill for oil and builds windmills instead, while Norway sells North Sea oil to the UK at double the price, saying "they made a fortune." (Translator: Yang Chao-yen) 1150415

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Source: CNA (Central News Agency)
Category: Survey

Iran war pushes up oil prices; Norway's March crude oil export value hits record high

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