Norway Profits from Rising Oil Prices; Humanitarian Agency Urges Aid for Iranian Victims
As oil prices exceed $100 per barrel, Norway is gaining an extra 1.5 billion NOK daily. Jan Egeland, Secretary General of the Norwegian Refugee Council (NRC), is calling on the Norwegian government to allocate these 'war profits' to assist over 3.2 million displaced people in Iran.
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- 📰 Published: April 26, 2026 at 15:31
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The U.S.-Iran war has pushed oil prices above $100 per barrel, granting Norway an additional daily revenue of approximately 1.5 billion NOK (approx. NT$5.1 billion). International humanitarian agencies are urgently calling for these profits to be used to aid war victims.
Norway is Europe's largest gas supplier and a major crude producer, holding the world's largest sovereign wealth fund (SWF), valued at $2.2 trillion. Jan Egeland, Secretary General of the Norwegian Refugee Council (NRC) and former UN humanitarian chief, strongly urged the government to follow the precedent set by Norway's generous aid to Ukraine. After Russia's 2022 invasion of Ukraine, Norway established a long-term aid program of over $28 billion. Egeland argued, 'Norway gave astronomical aid to Ukraine partly because we benefited from surging gas prices. Why not do the same for this war?'
According to NRC, over 3.2 million people are displaced in Iran, with over 2,000 deaths (including 200 children) and 115,000 buildings damaged. Currently, only 4.3% of the international humanitarian appeal for Iran has been funded. NRC's own $6 million emergency fund is expected to run out by May. Egeland noted that high energy prices also increase aid operation costs, leaving fewer resources for a rapidly growing number of people in need, as donors shift budgets to defense.
Reuters reports that Norwegian officials are sensitive to suggestions of 'profiteering from war,' as it conflicts with the nation's humanitarian image. Finance Minister Jens Stoltenberg stated that aid to Ukraine is not linked to energy profits but is a stable, long-term commitment. SWF CEO Nicolai Tangen also noted that the fund lost 127 billion NOK in the first quarter due to falling global stock markets and a strengthening Krone.
Norway is Europe's largest gas supplier and a major crude producer, holding the world's largest sovereign wealth fund (SWF), valued at $2.2 trillion. Jan Egeland, Secretary General of the Norwegian Refugee Council (NRC) and former UN humanitarian chief, strongly urged the government to follow the precedent set by Norway's generous aid to Ukraine. After Russia's 2022 invasion of Ukraine, Norway established a long-term aid program of over $28 billion. Egeland argued, 'Norway gave astronomical aid to Ukraine partly because we benefited from surging gas prices. Why not do the same for this war?'
According to NRC, over 3.2 million people are displaced in Iran, with over 2,000 deaths (including 200 children) and 115,000 buildings damaged. Currently, only 4.3% of the international humanitarian appeal for Iran has been funded. NRC's own $6 million emergency fund is expected to run out by May. Egeland noted that high energy prices also increase aid operation costs, leaving fewer resources for a rapidly growing number of people in need, as donors shift budgets to defense.
Reuters reports that Norwegian officials are sensitive to suggestions of 'profiteering from war,' as it conflicts with the nation's humanitarian image. Finance Minister Jens Stoltenberg stated that aid to Ukraine is not linked to energy profits but is a stable, long-term commitment. SWF CEO Nicolai Tangen also noted that the fund lost 127 billion NOK in the first quarter due to falling global stock markets and a strengthening Krone.