Norway’s national oil company profits double to $11.5bn amid war on Iran
Summary
Norway’s state oil company, Equinor, nearly doubled its profits to $11.5 billion in the second quarter of 2024. This rise was mainly due to higher oil and gas prices caused by conflicts involving the US, Israel, and Iran, which affected global oil supply.Key Facts
- Equinor’s profits rose from $6.5 billion to $11.5 billion between April and June 2024.
- The increase happened because oil and gas prices went up amid the US-Israel conflict with Iran.
- Oil production was increased to fill supply gaps caused by problems in the Gulf region.
- Brent crude oil prices fluctuated between $75 and over $100 per barrel during this period.
- Prices fell briefly after a US-Iran agreement but rose again due to resumed fighting.
- US military strikes on Iran have continued into their 11th night, targeting military sites.
- The Iran-aligned Houthis in Yemen have blocked a key shipping route used by Saudi Arabia.
- These events are causing more concern about oil supply risks and pushing prices higher.
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