A sharp rise in oil prices amid the war in the Middle East drove the value of Norway’s oil exports to a record high last month. That, in turn, lifted the country’s trade surplus to its highest level in more than three years.
According to data published Wednesday by Statistics Norway, crude-oil exports in March rose by 68% from the same period a year earlier, to 57.4 billion kroner ($6.1 billion). Overseas shipments reached 56.6 million barrels.
“The closure of the Strait of Hormuz caused a significant supply shock in the oil market, contributing to higher oil prices in March and, as a result, a record export value,” said Jan Olav Rørhus, a senior adviser at the agency.
Higher natural-gas prices, driven by the war with Iran and the disruption of supplies, added to the effect. Together, oil and gas revenues pushed Norway’s trade surplus to 97.5 billion kroner—the highest figure since January 2023. Both export volumes and the surplus, however, remain well below the peaks recorded in 2022, after Russia launched its full-scale war against Ukraine.
The release of the data coincided with a statement by U.S. President Donald Trump, who wrote Tuesday on his Truth Social network: “Europe is desperate for energy” and “Norway is selling its North Sea oil to Britain at twice the price. They are making a fortune.”
Norway’s finance minister, Jens Stoltenberg, who previously led NATO, rejected claims last month that the country was profiting from the war in the Middle East. He said the effect of the conflict on stock markets through Norway’s $2.2 trillion sovereign wealth fund remained a far more important factor for the country than higher energy prices.