economy
April 16, 2026
RECORD OIL REVENUES: Middle East Crisis Brings Historic Exports to This Country
In March alone, they earned 5.16 billion euros
TL;DR
- Norway experienced record oil export revenues in March 2026, amounting to 57.4 billion NOK (approximately 5.16 billion EUR).
- This revenue increase was driven by higher oil prices, not increased export volume, stemming from supply shocks like the closure of the Strait of Hormuz.
- Norway's oil and gas revenues are systematically invested in its sovereign wealth fund, the world's largest, to ensure long-term state financing and welfare.
- Donald Trump criticized the UK for not exploiting North Sea oil resources, stating Norway sells North Sea oil to the UK at double the price.
- The European Commission urged member states to avoid oil and fuel export restrictions within the EU to prevent market destabilization.
- Some countries, like Hungary and Slovakia, have implemented oil export bans or fuel price restrictions, which Brussels warns could disrupt the single market.