Norway’s exports broke records in July, driven mainly by natural gas prices that have risen since Russia’s invasion of Ukraine.
The Scandinavian country’s statistics agency announced that Norway’s exports reached 229 billion kroner (€23.2 billion) last month, up 0.4% from the previous record set in March this year.
Norway’s exchange excess of 153.2 billion kroner (€15.5 billion) was likewise the most noteworthy on record.
Norway, a significant maker of seaward oil and gas, has seen a flood in energy trades as European nations scramble to track down options in contrast to Russian energy in light of Moscow’s hostility against Ukraine.
Since the attack, the European Union has approved sanctions on Russian coal and most oil later this year, but that does not include Russian natural gas because the 27-nation bloc restricts power plants, power generation and households. Depend on gas to heat. .
However, Russian President Vladimir Putin has limited gas exports to pressure the bloc to ease sanctions on the war in Ukraine or to pursue other political objectives. The European Union is scrambling to fill gas storage ahead of winter, when demand rises and utility companies draw down their reserves to keep homes warm and power plants running.
John Olav Roerhus, senior advisor for external trade at Statistics Norway, said that cuts in Russian gas deliveries to Europe via the Nord Stream 1 pipeline contributed to the increase in gas prices last month, which were “abnormally high export prices”. . The main reason is now who we are. experiencing.”
At a one-day meeting of the five Nordic leaders in Oslo on Monday, Danish Prime Minister Mette Frederiksen said: “We should eliminate Russian gas as soon as possible.” He said Europe is “facing a challenging recession.”
Norwegian Prime Minister Jonas Gahr Storr said the Nordic countries should also focus on renewable energy, including wind and solar.
“We all struggle with high energy prices,” said Gahr Storr, whose country and Iceland are not members of the European Union.
Finland’s Prime Minister Sana Marin said, “As we enter the cold winter, our population understands more than anything what’s at stake.”
Higher fish and metal exports also contributed to the increase in Norwegian exports.