Yahoo Finance | EN590 Commodities
EN590 Commodities GroupMarket Analysis 2026-05-23T19:00:00.000Z
Norway, well known for its oil and gas production, has ramped up its fossil fuel output in recent weeks to fill the gap following theclosure of the Strait of Hormuzand the ongoing energy trade disruptions. While some countries are grateful to Norway for helping alleviate oil and gas shortages, environmentalists have critiqued the move, suggesting that more of a focus must be placed on increasing the region’s renewable energy capacity. Norway appears to have taken on the role of “Europe’s saviour” as it stepped in to replace Middle Eastern oil and gas imports following the closure of a key trade corridor connecting Asia and Europe. The Prime Minister of Norway’s Labour-run government, Jonas Gahr Støre, explained, “It’s [Iran] a war that appears to have no plan… In such unpredictable times,
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