Norway supplies 25% of the EU’s gas needs and nearly half of Britain’s. A trebling of oil cash and record profit at energy giant Equinor give the NATO ally scope to cut the EU some slack on gas prices, writes LJucca
Register now for FREE unlimited access to Reuters.comWith so much spare cash, a nation of just 5 million inhabitants has room to cut its struggling allies some slack. Offering discounts in a seller’s market makes little financial sense, but a severe gas crunch would topple the EU into a recession. That would damage trade with Oslo’s largest trading partner, to which Norway exported
Norway is open to discussing potential long-term gas agreements and price caps with European partners, the country’s prime minister told the Financial Times in a piece published on Sept. 7. Norway is expected to export nearly 90 billion cubic metres of gas to the European Union, nearly 25% of its expected gas needs this year, according to forecasts from energy consultancy Rystad. Exports to Britain could reach 36 bcm, nearly 50% of the country’s total gas demand.
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