Equinor sees oil and gas disruptions for at least 6 months

Norwegian energy giant Equinor said Wednesday it expected disruptions on the global oil and gas market due to the war in the Middle East to continue for at least six months, Report informs via AFP.

"Even if there were to be peace right now, it would take time – we think a minimum of six months – before the situation returns to normal," Equinor's managing director Anders Opedal told Norwegian broadcaster NRK.

His comments came as Equinor reported an 18% rise in first-quarter net profit to US$3.1 billion, buoyed by soaring prices due to the war.

"Many ships are blocked (in the Persian Gulf), many others are scattered around the world and need to come back, and so it will take a bit of time," Opedal added, expressing hope for a return to normal since "no one has anything to gain from this war."

However, like many of its competitors in Europe, such as TotalEnergies and BP, Equinor has capitalised on the surging prices sparked by the conflict.