{"id":553801,"date":"2026-07-22T09:40:10","date_gmt":"2026-07-22T09:40:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/553801\/"},"modified":"2026-07-22T09:40:10","modified_gmt":"2026-07-22T09:40:10","slug":"norways-national-oil-company-profits-double-to-11-5bn-amid-war-on-iran-oil","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/553801\/","title":{"rendered":"Norway\u2019s national oil company profits double to $11.5bn amid war on Iran | Oil"},"content":{"rendered":"

Profits at Norway\u2019s state oil company nearly doubled to $11.5bn (\u00a38.6bn) in the three months to the end of June as the jump in oil and gas prices caused by the war against Iran boosted earnings.<\/p>\n

Equinor benefited from a decision to increase oil and gas production at the start of the conflict, filling a gap in the market after a near-halt to shipping through the strait of Hormuz caused Gulf oil flows to slump.<\/p>\n

Equinor also profited from the jump in oil prices<\/a>. Fears over a drop in global supplies left Brent crude prices swinging between $75 and more than $100 a barrel between April and June this year. That compares with roughly $60 to $70 during the same period last year.<\/p>\n

Whil oil prices fell after the US and Iran signed a memorandum of understanding last month, they have begun rising again amid the resumption of hostilities. Brent crude prices were up about 3.3% on Wednesday morning, London time, to roughly $94.30 per barrel.<\/p>\n

Equinor\u2019s president and chief executive, Anders Opedal, said in a statement: \u201cStrong production in the second quarter enabled us to capture value from higher prices, contributing to strong cashflow and financial results.<\/p>\n

\u201cReliable energy is important in a volatile world marked by heightened geopolitical tension. Our role is to deliver energy safely and efficiently every day,\u201d he added.<\/p>\n

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The increased production and higher energy prices almost doubled Equinor\u2019s adjusted profits of $6.5bn it made in the April to June period last year. The company also passed analysts\u2019 predicted profits of $11.37bn.<\/p>\n

Oil prices rose on Wednesday after the US military launched its 11th night of strikes on Iran, including on aircraft hangars and drone storage sites. The attacks have undermined hopes that diplomatic efforts can salvage the interim ceasefire<\/a>.<\/p>\n

Yemen\u2019s Iran-aligned Houthis, who control the coast at the mouth of the Red Sea, announced a naval blockade on Saudi Arabia<\/a>, which has been relying on a pipeline to the Red Sea to get millions of barrels of oil out to market, given the Hormuz route remains restricted.<\/p>\n

The news led to further rises in energy prices. \u201cBrent crude has raced upwards again to trade around $93 a barrel, the highest level in six weeks,\u201d said Susannah Streeter, the chief investment strategist at the investment platform Wealth Club.<\/p>\n

\u201cRisks to supplies are mounting again, with the effective blockage of the strait of Hormuz remaining a chokehold as tankers are stranded in and around the waterway, while risks to other crude routes are also intensifying.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Profits at Norway\u2019s state oil company nearly doubled to $11.5bn (\u00a38.6bn) in the three months to the end…\n","protected":false},"author":2,"featured_media":432994,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,85,46],"class_list":["post-553801","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/553801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=553801"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/553801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/432994"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=553801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=553801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=553801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}