“The closure of the Strait of Hormuz has led to a significant supply shock in the oil market, which contributed to the high oil prices in March and thus the highest export value ever,” said the authority's analyst, Jan Olav Rørhus, in a press release.
Norway's oil exports amounted to 57.4 billion Norwegian kroner in March, an increase of 68 percent compared with the same month last year.
The conflict in the Middle East and the closure of the Strait of Hormuz have led to a surge in oil prices over the past month.
