Norway’s oil exports reached their highest monthly value on record in March 2026, as the closure of the Strait of Hormuz pushed up global energy prices and lifted the value of both crude and gas sales.
According to new figures from Statistics Norway, the country’s total goods exports rose to NOK 199.9 billion (€16.9 billion) in March, up 28.5% from the same month in 2025. Imports reached NOK 102.5 billion (€8.7 billion), leaving a large trade surplus. The strongest contribution came from crude oil, but mainland exports and gas revenues also remained unusually high.
Hormuz disruption pushed Norwegian crude to a record value
Statistics Norway said Norway exported crude oil worth NOK 57.4 billion (€4.9 billion) in March, up 67.9% year on year. The agency said both prices and export volumes increased.
The average oil price reached NOK 1,014 per barrel in March, the highest monthly level since September 2023, while exported crude volumes rose 27.3% to 56.6 million barrels. Senior adviser Jan Olav Rørhus said the closure of the Strait of Hormuz had created a major supply shock in the oil market, helping drive what he described as the highest export value ever recorded for Norwegian crude.
The record reflects how quickly geopolitical disruption in the Gulf can translate into higher revenues for producers outside the region. Norway, already one of Europe’s main energy suppliers, has benefited from stronger demand for non-Middle Eastern crude as buyers seek more secure alternatives.
Gas revenues also rose as Europe faced tighter supply
Norway also exported natural gas worth NOK 69.3 billion (€5.9 billion) in March, up 19% from a year earlier and the highest monthly export value since February 2023.
Here too, the main driver was price. The average price for gaseous natural gas rose to NOK 6.46 per standard cubic metre, about NOK 1 higher than in March 2025, while export volumes were broadly stable at 10.2 billion standard cubic metres.
Statistics Norway linked the increase to geopolitical tensions in the Middle East, which in practice halted shipments of liquefied natural gas through Hormuz. Low gas storage levels in Europe also helped keep prices elevated, underlining how the region remains exposed to external energy shocks even after reducing its dependence on Russian pipeline gas.
Strong mainland exports added to Norway’s trade surplus
Beyond oil and gas, Norway’s exports were supported by strong mainland trade. Mainland goods exports reached NOK 73 billion (€6.2 billion), the second-highest value ever recorded for March and a 16.1% increase from a year earlier.
One major factor was a sharp rise in exports of electrical power machinery and parts, linked to the re-export of equipment for an offshore wind project. Fish exports also remained resilient despite the stronger Norwegian krone and the broader turbulence in Middle Eastern trade routes.
Seafood exports totalled NOK 14.6 billion (€1.24 billion), up 2.8% year on year. Fresh salmon accounted for NOK 7.4 billion (€628 million), while exports of fish to China rose by 60.2%, making China the fastest-growing market in March.
Norway gains from the price shock, but Europe remains exposed
The March figures show how Norway can benefit financially when global energy markets tighten. But they also illustrate the wider vulnerability of Europe’s energy system.
Reuters has reported that the Strait of Hormuz normally handles around 20% of global oil and liquefied natural gas flows, and that the disruption has forced the EU to prepare for a prolonged energy shock. European gas storage levels, already under pressure, have become a central concern ahead of winter.
That leaves Norway in a familiar but politically sensitive position: profiting from a crisis that is increasing costs for European consumers and industry, while also reinforcing its role as one of the continent’s most important external energy suppliers.
If the disruption around Hormuz persists, Norwegian export revenues could remain elevated in the coming months. At the same time, the latest trade data show that the consequences of Middle Eastern instability are no longer confined to the Gulf, but are feeding directly into the Nordic and wider European economy.
