Due to the reduction of Russian gas exports, Norway has become the main supplier to Europe, which continues to increase production.
Norway has overtaken Russia in terms of gas supplies to Europe, Business Insider wrote on Thursday, August 25.
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“I expect that we will be able to maintain the level of production we have now until 2030,” Norwegian Energy Minister Terje Asland said in a statement.
By the end of the year, Norway is expected to increase gas production by 8% compared to 2021. Thus, the five-year-old record will be updated.
Norway was able to overtake Russia in terms of gas supplies due to the reduction of Russian exports to Europe.
Due to reduced supplies, gas prices in Europe have jumped 220% since the beginning of June and now exceed $3,300 per thousand cubic meters.
In this regard, Norway also does not intend to reduce gas prices.
“In principle, the market is predictable. When there is a shortage, the price is high. It also helps increase production and directs gas to markets that need it the most,” Asland added.
It should be noted that the price growth accelerated after Gazprom announced a complete stop in supplies through Nord Stream 1 from August 31 to September 2 due to the repair of the only gas pumping unit that remained in operation.
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Source: korrespondent
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