Equinor would focus on maintaining a high regularity in its exports of crude oil and natural gas to Europe, the company said on Thursday as the Iran conflict constrains global energy supplies.
The US-Israeli campaign against Iran and the latter's retaliatory attacks across the Persian Gulf region have paralysed shipping through the Strait of Hormuz, a key route for the region's oil and LNG producers.
The disruptions have sent oil and gas prices soaring this week.
"In general, we produce and export as much as we can at any given time," a spokesperson for Equinor said.
He declined to comment on the company's current output levels.
The benchmark European gas price has surged nearly 60 per cent this week to around 50 euros per megawatt hour (MWh), while Brent crude oil has jumped 16 per cent to around $84 per barrel.
Norway is Europe's biggest supplier of natural gas and a key source for oil deliveries, with state-controlled Equinor the dominant producer.
"The situation in the Middle East is serious and concerning. When it comes to the market side, extreme prices are unfortunate for countries that need gas and LNG," the Equinor spokesperson said.
A market out of balance may introduce uncertainty and unpredictability and is neither good for sellers nor buyers, he added.
The low gas storage levels in Europe are also among the elements impacting European prices.
"In general, coming out of the winter with low storage levels means that Europe will need to attract more LNG from the spot market in order to fill storages towards the next winter," the spokesperson said.
How European restocking will turn out depends on the length of time LNG exports will be reduced, he added.
(Reporting by Nora Buli, editing by Terje Solsvik)