Norway oil exports hit record high amid Hormuz crisis

Norway’s goods exports rose sharply in April, fueled by record crude oil exports as global oil prices climbed amid tensions in the Middle East and the blockade of the Strait of Hormuz, according to official data released Friday, News.Az reports, citing Anadolu Agency.

Statistics Norway said total goods exports reached 176.7 billion Norwegian kroner ($18.9 billion) in April, marking a 20.9% increase compared with the same month last year.

“The conflict in the Middle East and the blockade of the Strait of Hormuz have led to a further increase in oil prices in April,” Jan Olav Rorhus, senior adviser at Statistics Norway, said in a statement.

“The average oil price in April is the highest since July 2022,” he added.

Crude oil exports totaled 61.4 billion kroner ($6.5 billion) in April, surging 86% year-on-year and reaching the highest export value ever recorded, the agency said.

Despite the sharp rise in oil exports, mainland exports excluding the energy sector declined compared with both April last year and March this year.

The Strait of Hormuz, one of the world’s most important maritime chokepoints for oil and gas shipments, has remained effectively closed to most vessels since the beginning of the US-Israeli war on Iran in February, disrupting global energy and cargo flows.

A ceasefire between the United States and Iran came into effect on April 8 through Pakistani mediation, but negotiations in Islamabad failed to secure a lasting agreement. The truce was later extended by Donald Trump without a fixed deadline.

News.Az 

By Nijat Babayev