Finance
Equinor has no spare oil and gas capacity, CEO says
Published by Global Banking & Finance Review®
Posted on March 12, 2026
2 min readLast updated: March 12, 2026
Quick Summary
Equinor’s CEO Anders Opedal says the company cannot raise oil and gas output amid supply disruptions from the Middle East and is operating near full capacity.
Equinor CEO: Norway Has No Spare Oil and Gas Capacity Amid Supply Tensions
Norway's Oil and Gas Output Constraints in Global Supply Crisis
By Nora Buli
Equinor's Production Capacity and Market Role
OSLO, March 12 (Reuters) - Norway's Equinor does not have spare capacity to lift its oil and gas output amid supply shortfalls from Middle East producers, the state controlled company's CEO said on Thursday.
Focus on Reliability and Maximum Production
"Our focus today is to make sure that we can be seen as a reliable provider of oil and gas to the markets we operate in and make sure we have the highest production possible, because it's really needed these days," Equinor CEO Anders Opedal told Reuters on the sidelines of an industry conference in Oslo.
Impact of Middle East Tensions on Global Energy Markets
Disruptions in Oil and Gas Supply
The U.S.-Israeli attacks on Iran and the latter's retaliatory strikes across the Middle East have disrupted around a fifth of global oil and liquefied natural gas supply along the Strait of Hormuz, a key chokepoint for Gulf state exports.
Market Reactions and Price Surges
This has seen Brent crude oil surging above $100 per barrel for the first time since 2022, while the benchmark European gas price has risen some 60% since the start of the conflict on February 28.
Norway's Response and Limitations
Export Increases During the 2022 Energy Crisis
At the height of the 2022 energy crisis, Norway was able to ramp up exports almost 10% via a mix of higher production quotas and adjustments to maintenance schedules.
Current Production Constraints
But the country has since produced at near maximum capacity and could not materially lift its output at this time, Opedal said.
Norway's Position in European Energy Supply
Norway is Europe's biggest supplier of natural gas and a key source for oil deliveries, with state-controlled Equinor the dominant producer.
Equinor's Presence in the Middle East
Equinor has no production in the Middle East but has some employees in Dubai, who have been evacuated.
(Reporting by Nora Buli, editing by Terje Solsvik)
Key Takeaways
- •Equinor has no spare capacity to boost production despite soaring global energy demand.
- •Middle East conflict has disrupted ~20% of global oil and LNG supply via the Strait of Hormuz, pushing Brent crude above $100/barrel.
- •Even during the 2022 energy crisis, Norway could ramp up exports—but today, it’s already producing at near maximum capacity and can’t further increase output.
Frequently Asked Questions about Equinor has no spare oil and gas capacity, CEO says
1Does Equinor have spare oil and gas capacity to increase output?
No, Equinor is operating at near maximum capacity and cannot significantly lift its oil and gas output at this time.
2Why have oil and gas prices surged recently?
Prices have surged due to U.S.-Israeli attacks on Iran, Iran's retaliatory strikes, and supply disruptions in the Middle East, particularly affecting the Strait of Hormuz.
3How did Norway respond to the 2022 energy crisis?
Norway ramped up exports nearly 10% during the 2022 energy crisis through increased production quotas and maintenance adjustments.
4Does Equinor operate production facilities in the Middle East?
No, Equinor has no production assets in the Middle East, though it had some employees in Dubai who have since been evacuated.
5What role does Norway play in European energy supply?
Norway is Europe's biggest supplier of natural gas and a key oil provider, with Equinor as the dominant national producer.
