A significant portion of Norway's current account surplus may be attributed to the country's continued gas exports.
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| [Gas and oil export of Norway] |
Even though it shares a border with Russia, it is already a member of NATO, in contrast to its Scandinavian "sisters," Sweden and Finland. In addition, as a result of the commencement of conflict in Ukraine, it is rapidly becoming one of Moscow's primary rivals in the market for delivering gas to Europe. And it is because to the blue gold that Norway has been able to establish a new record in its trade surplus. This is in contrast to the other European nations, who are experiencing the economic implications of the war as well as the spike in costs.
According to the national statistics office, Oslo registered a trade surplus of 15.6 billion between exports and imports in the month of July. This was "mainly owing to the spike in natural gas prices caused by Russia's invasion of Ukraine," reports the Agi. The outcome sets a brand-new benchmark, surpassing the previous best from back in March (138.1 billion crowns, about 14 billion euros).
Because of the jump in prices, shipments of gas and oil to Europe increased by a factor of four compared to the previous year, hitting a new high of 128.4 billion crowns (about 13 billion), which is another record directly related to the rise in prices. According to Jan Olav Rrhus, who works for the national statistics office, "the shutdown and slowing of the Nord Stream 1 pipeline, which delivers gas from Russia to Europe, helped boost the price of gas to a record high in July."
The total amount of goods sent overseas has hit a new record high. In the midst of efforts by European nations to wean themselves off of energy imports from Russia in the wake of the conflict in Ukraine, Norway is generating at full capacity in order to meet a portion of the continent's requirements. Before the crisis in Ukraine, Norway met between 20 and 25 percent of the demand for gas in the EU and the UK, while Russia met between 45 and 50 percent of the demand.