Middle East Crisis Economic Impact

Defense Director: “Serious situation – could lead to rationing”

The Östergötland County Administrative Board’s situational picture of the effects that the war in the Middle East could have on the region is serious. The government is now being urged to take proper measures, reports EFN.

– We think that the state must start planning for a possible rationing of primarily fuel and fertilizer, says Jenny Knuthammar, Defense Director at the Östergötland County Administrative Board.

Of the actors that the Östergötland County Administrative Board has included in its situational picture, farmers are the most concerned. They are being hit hard by increased costs and the risk is that agricultural harvests will be smaller, Knuthammar points out.

Iran War Hits Oil Record in Norway: “Highest Ever”

Norwegian crude oil exports rose to record levels in March, after the Iran War pushed up oil prices. This is according to an update from the Statistics Norway (SSB).

“The closure of the Strait of Hormuz has led to a significant supply shock in the oil market, which contributed to the high oil prices in March and thus the highest export value ever,” says analyst Jan Olav Rørhus.

The value of exports surged to 57.4 billion Norwegian kroner in March – almost 70 percent higher than the corresponding period last year.