London Daily

Focus on the big picture.

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

London Daily
0:00
0:00
Close
Israel Warns France of Iranian Threats at Paris Olympics
Possible Successors to Rishi Sunak as Conservative Party Leader
Olaf Scholz to Run for German Chancellor Again in 2025
TikTok Fined by UK Regulator for Child Safety Data Reporting Failures
Miracle Baby Born After Gaza Airstrike
Global Tech Outage Caused by Bug in CrowdStrike's Software
Ukrainian FM Open to Peace Talks with Russia, China Reports
EU to Transfer Interest from Frozen Russian Funds to Ukraine
Greenpeace Co-Founder Paul Watson Arrested in Greenland
EU Relocates Summit to Punish Hungary over Orban's Ukraine Visit
Netanyahu Seeks Meeting with Trump During Washington Visit
World's Hottest Day Recorded on July 21
UK Labour Government To Halt Migrant Housing on Accommodation Barge
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
Thousands Protest in Mallorca Against Mass Tourism
Immigration Crackdown Targets Car Washes and Beauty Sector
Nigeria's Controversial Return to Colonial-Era National Anthem
Hacking Vulnerabilities: Androids vs. iPhones
Ukraine Crisis Should Be EU's Responsibility, Says Trump’s Envoy
A Week of Turmoil: Key Moments in US Politics
Barrow's Sacred Heart Primary School Faces Long-Term Closure
German National Sentenced to Death in Belarus
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Advises India on Russian Ties Amid Geopolitical Shifts
Trump Pledges to End Ukraine Conflict if Reelected
Global IT Outage Unveils Digital Vulnerabilities
Global IT Outage Sparks Questions About Financial Accountability
CrowdStrike Bug Affects 8.5 Million Windows Devices
Flights Resume After Major Microsoft Outage
US Criticizes International Court's Opinion on Israeli Occupation
CrowdStrike Update Causes Global IT Outage Due to Skipped Quality Checks
EU’s Patronizing Attitude Towards Africa Revealed
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Global Outage Caused by CrowdStrike Update Impacts Millions
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Global Windows Outage Causes Chaos Across Banks, Airlines, and More
Russia Accuses Ukraine of Using Chemical Weapons
UK's Flawed COVID-19 Planning Exposed by Inquiry
Ursula von der Leyen Wins Second Term as European Commission President
Police Officer Injured in Attack in Central Paris
Hulk Hogan absolutely tore it up at the RNC.
Paris is being "cleansed" of migrants and homeless people ahead of the Olympics.
Lamine Yamal arriving at his school after winning the Euros
Campaigners Urge UK Government to Block Shein's London IPO
UK Labour Government's Legislative Agenda
UK Labour Government to Regulate Powerful AI Models
Record Heat Temperatures in Ukraine Amid Power Crisis
UK Government Plans to Remove 92 Hereditary Peers from House of Lords
×