Norway’s national oil company profits double to $11.5bn amid war on Iran
Norway's state-owned oil company, Equinor, reported a profit of $11.5 billion for the second quarter, driven by rising oil prices amid the US-Iran conflict. The company increased production to fill supply gaps caused by disruptions in the Strait of Hormuz.
Why it matters
The report illustrates the economic impact of geopolitical conflicts on global energy markets and state-owned enterprises.
Equinor's LNG facility outside Hammerfest. Photograph: Ole Berg-Rusten/NTB/AFP/Getty Equinor's LNG facility outside Hammerfest. Photograph: Ole Berg-Rusten/NTB/AFP/Getty Norway Norway’s national oil company profits double to $11.5bn amid war on Iran Equinor benefits from move to ramp up oil and gas production during strait of Hormuz blockades
Prefer the Guardian on Google Profits at Norway’s state oil company nearly doubled to $11.5bn (£8.6bn) in the three months to the end of June, as earnings were boosted by the jump in oil and gas prices caused by the US-Israel war on Iran .
Equinor benefited from a decision to ramp up oil and gas production since the start of the conflict, filling a gap in the market after a slump in oil flows from the Gulf amid the throttling of shipping traffic through the strait of Hormuz.
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