Countries Outside the Gulf Are Cashing In on the Global Oil Shock

As Iran’s closure of the Strait of Hormuz pushes fuel and energy prices sharply higher, oil producers outside the Persian Gulf are collecting windfall profits. The biggest winner is the United States, followed by Norway, Russia, Brazil, Guyana and, indirectly, Venezuela. Their gains are uneven, however, because each country is using the opportunity differently, reflecting its own goals and geopolitical position.

The United States has become one of the world’s largest oil exporters and, at times during the war, the largest. It earned nearly $11 billion more from crude exports in March and April 2026 than in the same months of 2025, and roughly double that when petroleum products are included. Prof. Yehoshua Kressna said there was “real fear” of a U.S. gasoline shortage and pressure on Donald Trump to curb exports, but he refused all proposals. Gasoline still costs about $4.1 a gallon, down from $4.5 in May but far above $3.1 a year ago. Economist Or Azran said the higher fuel price also raises inflation and may delay, or even reverse, interest-rate cuts.

Norway, with fewer than 6 million people and the world’s largest sovereign wealth fund, saw crude-export revenue jump from about $6.4 billion in March and April 2025 to $12.4 billion this year. It also remains Europe’s top gas supplier, after the continent cut reliance on Russia and then the Gulf. Russia exported fewer barrels, mainly because Ukrainian strikes hit its energy infrastructure, but higher prices still added about $7 billion in crude-export revenue. Brazil limited exports with special taxes, 12% on crude and 50% on diesel, to protect domestic consumers. Guyana, a new exporter since 2020, has seen its per-capita GDP quadruple from 2020 to 2024.