Equinor, a Norwegian company, wants to keep gas and oil exports high despite the rising prices

The Norwegian energy company Equinor is focusing on maintaining high levels of regularity when it comes to its exports of crude oil and natural gases to Europe. This is because the Iran conflict has a significant impact on global energy supplies.

The U.S. and Israeli campaign against Iran, and its retaliatory strikes across the Gulf Region have paralyzed shipping through the Strait of Hormuz. This is a crucial route for oil and liquefied gas (LNG), producers in the Gulf.

This week, oil and gas prices have risen due to disruptions.

A spokesperson for Equinor stated that "in general, we export and produce as much as possible at any time."

He refused to comment on current production levels.

Brent crude oil prices have risen 16% in the last week, to $84 per barrel. The benchmark European gas rate has increased by nearly 60% this week.

Norway is Europe's largest supplier of natural gases and oil, with Equinor as the dominant producer.

The situation in the Middle East has been described as grave and worrying. The spokesperson for Equinor said that extreme prices on the market are bad news for countries who need gas and LNG.

He said that a market that is out of balance can create uncertainty and predictability, and this is not good for either buyers or sellers.

Gas storage levels are low in Europe, and this has an impact on European prices.

The spokesperson stated that "in general, Europe will need more LNG to fill its'storage' for the next winter because of low storage levels after the winter.

He added that the outcome of European restocking depends on how long LNG exports are reduced. (Reporting and editing by Terje Solsvik, Nora Buli)

(source: Reuters)