London Daily

Focus on the big picture.
Friday, May 29, 2026

Norway exports record as natural gas prices surge

Norway exports record as natural gas prices surge

Norway's exports reached a record in July, driven mainly by natural gas prices that have soared since Russia's invasion of Ukraine.

The Scandinavian country’s statistics agency announced that Norwegian exports reached 229 billion kroner (€23.2 billion) last month, 0.4% higher than the previous record set in March this year.

Norway’s trade surplus of 153.2 billion kroner (€15.5 billion) also was the highest on record.

Norway, a major producer of offshore oil and gas, has seen energy exports surge as European countries scramble to find alternatives to Russian energy in response to Moscow's invasion of Ukraine.

Since the invasion, the EU has approved bans on Russian coal and most oil to take effect later this year, but it did not include Russian natural gas because the 27-nation bloc depends on gas to power factories, generate electricity and heat homes.

However, Russian President Vladimir Putin has restricted gas exports to pressure the bloc into reducing its sanctions over the war in Ukraine or to push other political aims. The EU has been left scrambling to fill gas storage ahead of the winter when demand rises and utility companies draw down their reserves to keep homes warm and power plants running.

Statistics Norway said natural gas exports reached 128 billion kroner (€12.97 billion) in July, more than four times higher than in the same month last year.

Jon Olav Roerhus, senior adviser for external trade at Statistics Norway, said reductions in Russian gas deliveries to Europe through the Nord Stream 1 pipeline contributed to soaring gas prices last month, which were "the main reason for the exceptionally high export value we are now experiencing.”

At a one-day meeting of the five Nordic leaders in Oslo on Monday, Danish Prime Minister Mette Frederiksen said: “We must phase out Russian gas as soon as possible.” She said Europe is “facing a challenging fall.”

Norwegian Prime Minister Jonas Gahr Støre said the Nordic countries also should focus on renewable energies, including wind and solar.

“We all struggle with increased energy prices,” said Gahr Støre, whose country and Iceland are not EU members.

“As we enter the cold winter, our populations have to understand what is at stake,” Finnish Prime Minister Sanna Marin.

Higher fish and metals exports also contributed to Norway's surge in exports.

Newsletter

Related Articles

0:00
0:00
Close
Japanese Technology Firm Fujitsu Launches Advanced Artificial Intelligence Tool for Corporate Disclosures
South Africa Officially Launches Nationwide Campaign for Highly Contested Local Government Elections
United Kingdom Commits Additional Funding for Unexploded Ordnance Clearance in Laos
Singapore Announces Stringent New Greenhouse Gas Regulations for Commercial Cooling Systems
Cambodia and Thailand Hold High-Level Border Security Talks at United Nations Headquarters
Myanmar Military Government and China Sign Major Agreement to Upgrade Media and Cultural Cooperation
Knife Attack at Swiss Train Station Leaves Three Injured in Suspected Act of Domestic Terrorism
Transnational Extortion Gang Threatens Canadian Police With Army of One Thousand Armed Operatives
Australia Imposes Forty-Two-Day Quarantine on Cruise Ship Passengers Following Deadly Hantavirus Outbreak
International Monetary Fund Unlocks Seven Hundred Million United States Dollars for Sri Lanka Following Economic Reforms
Australia Launches Record One Point Four Billion Dollar Lawsuit Against Chemical Giant 3M Over Contamination
China and Canada Foreign Ministers Meet in Ottawa in Effort to Stabilize Strained Diplomatic Ties
Indonesia Demands Urgent United Nations Security Council Reform Amid Escalating Global Conflicts
Extreme Weather Patterns Trigger Severe Drought in Madagascar and Destructive Flooding in East Africa
Indian State of Karnataka Faces Political Upheaval as Chief Minister Siddaramaiah Abruptly Resigns
Philippines and Japan Reaffirm Defense Ties as Crucial for Indo-Pacific Regional Stability
Norway Joins French Nuclear Deterrence Initiative in Major Shift for European Security Architecture
Global Critical Mineral Alliances Expand as Western Nations Move to Counter Chinese Supply Dominance
United States Imposes Fifty Percent Tariffs on Mexican Steel and Aluminum Ahead of Trade Pact Review
European Union and China Head Toward Major Trade Conflict Over Clean Technology Exports
United States Economic Growth Severely Downgraded to One Point Six Percent as Stagflation Fears Mount
World Health Organization Warns Central African Ebola Epidemic is Outpacing Containment Efforts
United States Treasury Department Conditions Sanctions Relief on Reopening of the Strait of Hormuz
Iranian Air Defenses Intercept and Destroy United States Military Drone Over Bushehr Province
Iranian Armed Forces Launch Ballistic Missiles Toward Unspecified Targets Prompting Regional Condemnation
United Nations Secretary-General Warns Global Order Facing Highest Level of Conflict Since 1945
Israel Issues Sweeping Evacuation Orders in Southern Lebanon Amid Intensified Hezbollah Conflict
Russia Announces Systemic Military Strikes Targeting Ukrainian Defense and Energy Infrastructure
United States and Iranian Negotiators Reach Draft Agreement to Extend Ceasefire and Resume Nuclear Talks
United Nations Security Council Deeply Divided Over United States Capture of Venezuelan President
US and Iran Exchange Direct Military Strikes Amid Fragile Gulf Ceasefire
World Health Organization Warns of Catastrophic Ebola Outbreak in DR Congo
Russia Threatens New Wave of Strikes on Ukrainian Infrastructure and Embassies
Scientists Warn Atlantic Ocean Currents Could Collapse Faster Than Projected
Anthropic Reaches $900 Billion Valuation in Historic AI Funding Round
Washington Imposes Crippling Sanctions on Iranian Maritime Authority
Japan and the Philippines Initiate Strategic Intelligence-Sharing Pact
Microsoft Deploys Autonomous Computer-Using AI Agents to Global Markets
Anthropic Secures $45 Billion Compute Infrastructure Agreement With SpaceX
U.S. Director of National Intelligence Resigns Amid Administration Shakeup
Micron Technology Crosses Trillion-Dollar Valuation Amid Unprecedented Hardware Demand
Canada and Germany Finalize Historic Long-Term LNG Export Agreement
China Expands International Travel Restrictions on Domestic AI Researchers
Japan Approves Sweeping Overhaul of National Intelligence Apparatus
Global Airlines Scramble Logistics as Middle East Airspace Remains Fractured
Japan's Naphtha Imports Plunge 47 Percent Amid Strait of Hormuz Closure
Global Crude Prices Retreat Below $96 as Gulf Tensions Momentarily Ease
Generative AI Outperforms Human Baselines in Landmark Global Creativity Study
NASA Partners With Private Aerospace to Unveil Permanent Lunar Base Architecture
South Korean Equity Markets Surge on Next-Generation Memory Chip Frenzy
×