Highest Profits in Years. Norway Sells Oil, Gas, and... Weapons. Poland on the List of Buyers

The data was published by Statistics Norway (SSB). The trade surplus amounted to NOK 97.5 billion. This is the highest result since January 2023. Exports reached NOK 199.9 billion, up 28.5% year-on-year. Imports amounted to NOK 102.5 billion, an increase of 5.9% year-on-year.

Crude oil exports reached NOK 57.4 billion, representing a 67.9% year-on-year increase. Both prices and volumes rose. The average price was NOK 1,014 per barrel. The volume reached 56.6 million barrels, up 27.3% from the previous year.

SSB points to the impact of the geopolitical situation. The closure of the Strait of Hormuz limited oil supply. As a result, prices rose in March, leading to the highest export value in history.

Gas exports amounted to NOK 69.3 billion, up 19% year-on-year. This was the highest level since February 2023. The record was set in August 2022, when the value exceeded NOK 200 billion. The average price was NOK 6.46 per cubic meter, about NOK 1 higher than in the same period a year earlier. The volume fell by 0.3% to 10.2 billion cubic meters.

Gas prices were influenced by the situation in the Middle East. LNG transport through the Strait of Hormuz was restricted. The low level of gas storage in Europe was also significant. Land exports reached NOK 73 billion, up 16.1% year-on-year. This is the second-highest result in history. The increase was supported by deliveries of converter platforms for offshore wind energy. Fish exports amounted to NOK 14.6 billion, up 2.8%.

March also saw record arms exports at NOK 2.1 billion, mainly including bombs, grenades, and launchers. The largest recipients were Lithuania, Australia, and Poland. At the same time, Norway increased electricity imports to 2.4 TWh, valued at NOK 2.1 billion.