Since Russia cut off flows to Europe, Norway has become the region’s top natural gas supplier
Norway believes that excessively high gas prices are not in its interest and will therefore work with the EU to stabilize the market, although Europe’s biggest gas supplier already has the capacity to fill a gap which Russia leaves.
The European Union is grappling with the impact of soaring gas prices that have driven up inflation, pushed some utilities to the brink and threatened a deep recession.
“It is not in Norway’s interest to have these huge increases in gas prices,” Norwegian Prime Minister Jonas Gar Stere told reporters after meeting with gas companies to discuss ways to lower the price at which Norway sells in Europe.
Soaring European gas prices, which have risen 250% or more in the past year, have sharply boosted Norway’s export earnings but have wreaked havoc on energy companies caught in the vortex.
Since Russia cut off flows to Europe, Norway has become the region’s top natural gas supplier, with Moscow attributing the shut-off to technical problems caused by Western sanctions. Europe says this is a sham.
Norway is expected to produce about 122 billion cubic meters (bcm) of natural gas this year, according to official forecasts in May, up 8% from 2021, as producers ramped up output as much as possible.
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