Adedokun Waliyu 
Norway recorded a surge in crude oil exports in March, reaching a record high as the war involving Iran and the closure of the Strait of Hormuz disrupted global supply and pushed prices upward.
The Scandinavian nation remains the largest producer of oil and natural gas in Europe outside Russia.
About one-fifth of the world’s crude oil and liquefied natural gas typically passes through the Strait of Hormuz, making any disruption to the route highly significant for global energy markets.
According to Statistics Norway, the country’s crude exports reached 57.4 billion kroner ($6.08 billion) in March — a 67.9 percent increase compared to the same period last year.
An analyst, Jan Olav Rorhus, said the closure of the Strait created a major supply shock, contributing to higher oil prices and Norway’s record export value.
Oil prices averaged 1,014 kroner ($107.52) per barrel during the month — the highest level since September 2023.
Donald Trump also commented on the situation, noting Europe’s growing demand for energy and criticising the United Kingdom for not expanding North Sea oil production.
Norway’s economic strength is largely built on its oil and gas resources. The country channels its energy revenues into a sovereign wealth fund — the largest in the world — valued at approximately $2.19 trillion.
Established in the early 1990s, the fund is designed to support long-term national spending, especially as oil and gas revenues are expected to decline in the future.
