Norway’s State Oil Company Doubles Profit to $11.5bn as Iran War Disrupts Gulf Supply
Part of composite article Oil Breaks $95 as Iran War Chokes Gulf Supply, Goldman Warns $120 Next View full article →
Norway’s state-owned oil company, Equinor, nearly doubled its profits to $11.5bn (£8.6bn) in the three months to the end of June. The surge came as the war against Iran drove up oil and gas prices.
Equinor increased its oil and gas production at the start of the conflict. This move helped fill a gap in the market after shipping through the Strait of Hormuz nearly stopped, causing Gulf oil supplies to slump.