Skyrocketing energy prices in light of a Russian gas supply shortfall boosted Norway’s revenues in 2022
Norway raked in record oil and gas revenues last year after the conflict in Ukraine sent energy prices soaring, broadcaster NRK reported on Tuesday.
According to the channel, citing research institution NHH, Norway earned 334 billion kroner ($31.3 billion) in 2022 in revenues from natural gas exports, amid a major disruption in supplies of Russian pipeline gas.
“We find the price of coal and Russian supply shortfall to explain the majority of the fluctuations in the natural gas price over 2022,” NHH researchers wrote.
The figure accounted for 27% of Norwegian gas export revenues in 2022, excluding supplies to the UK, according to the report. It indicated that 2022 was a record year in terms of Norwegian gas revenues.
“It is an insanely high number,” said the leader of Norway’s Green Party, Arild Hermstad, as quoted by NRK. “It is reprehensible that Norway should profit from other people’s misfortune. The government makes it embarrassing to be Norwegian.”
The exceptional revenues have led to some politicians accusing Norway of being a ‘war profiteer,’ a label that Oslo rejects.
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