Finance
Norway Should Use Wealth Fund for Aid Due to Oil Price Rise in Iran War, Egeland Says
Published by Global Banking & Finance Review®
Posted on April 24, 2026
3 min readLast updated: April 24, 2026
Add as preferred source on GoogleQuick Summary
The head of the Norwegian Refugee Council, Jan Egeland, urges Oslo to channel revenues from its $2.1–$2.2 trillion sovereign wealth fund into humanitarian aid for civilians affected by the Iran war—drawing parallels with Norway’s generous Ukraine support plan.
Norway should use wealth fund for aid due to oil price rise in Iran war, Egeland says
Norway's Sovereign Wealth Fund and Humanitarian Aid in the Wake of the Iran War
By Gwladys Fouche
Calls for Increased Aid Using Wealth Fund Income
OSLO, April 24 (Reuters) - Norway should use some of the income from its $2.2 trillion sovereign wealth fund, the world's largest, to help civilians suffering from the war in Iran, like it did for Ukraine, the head of the Norwegian Refugee Council aid group said.
The NRC is one of the world's leading non-governmental aid organisations focused on displacement.
Norway's Precedent: Aid to Ukraine
After Moscow's 2022 full-scale invasion of Ukraine, Norway set up a long-term aid plan for Kyiv, with the backing of all parties in parliament, amounting to some $28 billion between 2023 and 2030, among Ukraine's most generous backers per capita.
Egeland's Proposal for Iran War Victims
Jan Egeland, who was the top U.N. humanitarian official from 2003 to 2006 and a deputy Norwegian foreign minister in the 1990s, said Norway should do the same in the wake of the Iran war.
"Norway has now given enormous sums to Ukraine. And one of the arguments is that 'we earned a lot of money on oil and gas prices going through the roof. Why not say the same here?'," he told foreign reporters at NRC headquarters in Oslo.
"Let's give to the Lebanese and the Iranians and the other victims of this war, direct and indirect, because the oil prices are now $100 per barrel."
Wealth Fund Loss and Economic Considerations
Norway's Position as an Energy Supplier
WEALTH FUND LOSS
Norway is Europe's largest gas supplier and Western Europe's largest crude producer. Egeland did not give details of how such a mechanism could potentially work.
Political Sensitivities and Official Statements
Norwegian officials are sensitive to any criticism that the country benefits from conflicts that lead to increases in energy prices, given its self-image as a nation prioritising global governance such as by backing the U.N. or by being a major international aid donor.
Finance Minister Jens Stoltenberg has said it would be wrong to assume Norway was gaining from the war.
He has said that its export-led economy benefits most from a stable, peaceful international world order and a fall in global stocks damages the overall value of its wealth fund.
Government's Stance on Aid and Oil Revenue
The Norwegian government also has never said it is giving money to Ukraine because it earned extra income from higher gas prices - estimated to be 1,270 billion crowns ($136.07 billion) in 2022 and 2023 according to finance ministry calculations.
Impact of Oil Prices and Currency on the Wealth Fund
Sovereign wealth fund CEO Nicolai Tangen told Reuters last month any benefit to the fund from higher petroleum revenues due to the Iran war is lower than the effects of lower share prices abroad and a strengthening of the crown currency.
In the first quarter, the fund reported a loss of 636 billion crowns as the Iran war weighed on global stocks.
The wealth fund declined to give additional comment, saying this was a question for Norwegian politicians. The finance ministry did not immediately reply to a request for comment.
Exchange Rate Information
($1 = 9.3334 Norwegian crowns)
(Reporting by Gwladys Fouche in Oslo; Editing by Alison Williams)
Key Takeaways
- •Norway’s sovereign wealth fund, valued at roughly $2.1–$2.2 trillion, posted a first-quarter loss of about NOK 636 billion (~$68 billion), driven by a slump in U.S. tech equities and a stronger krone.
- •Jan Egeland proposes replicating Norway’s long-term Ukraine aid model—about $28 billion from 2023‑2030—by using oil windfall to assist civilians impacted by the Iran war, including in Lebanon and Iran.
- •Norwegian officials caution that the fund’s losses from global market volatility outweigh any gains from oil-price driven revenues, and Norway maintains its investment strategy, notably continuing substantial U.S. holdings.
Frequently Asked Questions about Norway should use wealth fund for aid due to oil price rise in Iran war, Egeland says
1Why is Norway being urged to use its wealth fund for Iran war aid?
Jan Egeland suggests Norway should allocate some wealth fund income to help civilians affected by the Iran war, as it did for Ukraine.
2How did Norway assist Ukraine using its wealth fund?
After Russia's invasion of Ukraine, Norway set up a long-term aid plan amounting to $28 billion between 2023 and 2030.
3How have oil and gas prices affected Norway’s wealth fund?
Oil prices rising to $100 per barrel have increased Norway's energy revenues, but global stock downturns have offset these gains, causing losses in the fund.
4What is Norway's official stance on using oil revenue for foreign aid?
Norwegian officials claim the country does not benefit from conflicts and have not linked aid to Ukraine to extra income from high energy prices.
5How much did Norway reportedly earn from higher gas prices in 2022 and 2023?
Norway earned an estimated 1,270 billion crowns ($136.07 billion) from higher gas prices over 2022 and 2023.
