Norway’s oil exports hit record high in April amid Strait of Hormuz blockade

Norway’s goods exports rose sharply in April, driven by record crude oil exports amid higher global oil prices linked to Middle East tensions and the blockade of the Strait of Hormuz, according to official data released Friday.

Statistics Norway said total goods exports reached 176.7 billion Norwegian kroner ($18.9 billion) in April, up 20.9% from 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 marking the highest export value ever recorded, the agency said.

Despite the jump 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 critical maritime chokepoints for oil and gas shipments, has remained effectively closed to most vessels since the start of the US-Israeli war on Iran in February, disrupting global energy and cargo flows.

A ceasefire between the US and Iran took effect on April 8 through Pakistani mediation, but talks in Islamabad failed to produce a lasting agreement. The truce was later extended by US President Donald Trump without a fixed deadline.