Norway’s national oil company profits double to $11.5bn amid war on Iran

16 hours ago

Equinor benefits from move to ramp up oil and gas production during strait of Hormuz blockades

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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