Because international commodities don’t work that way. They’re priced according to supply and demand, with cost of production and transportation as a limiter on supply. The supply of middle eastern oil has been drastically reduced to Europe, which means there’s more demand for the oil you do have, one major supplier being Norway.

Ramping up production in response to high prices is slow, expensive, and risky. They’ll likely slowly increase production if the state of affairs continues for a long time, but it’ll be like the situation when sanctions on Russia began