Equinor benefits from move to increase 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 the jump in oil and gas prices caused by the war against Iran boosted earnings.
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.
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This article was originally published by The Guardian and written by Kalyeena Makortoff.
Read original article on The Guardian