As Moscow reduces gas supplies to the EU countries for the sake of political pressure, Norway has managed to become the main supplier of gas in Europe, taking this role away from Russia.

Business Insider writes about this, recalling that the shortage of fuel on the continent can create serious problems for European industry.. Oslo assures that they are going to produce maximum volumes of gas in the coming years.

“I expect that we will be able to maintain the level of production we currently have until 2030,” said Norwegian Energy Minister Terje Aasland..

Oslo's official forecasts say that by the end of the year, gas production in the country will increase by 8% compared to 2021. Thus, Norway can break its record set five years ago. The country was able to take away Russia's role as Europe's largest gas supplier after the Kremlin decided to drastically cut retaliatory supplies to Western sanctions.. Business Insider also recalls that in May the EU agreed to impose an embargo on Russian oil supplied by sea.. However, no restrictions against Russian gas have been introduced so far..

But even without such decisions from the European side, Russia itself staged an energy crisis, reducing its own exports.. Last Friday, Moscow announced the temporary closure of the Nord Stream 1 gas pipeline.. Although since July it has already reduced transportation to 20% of the GTS capacity. Reduced supplies forced European gas prices to skyrocket. Underlying Dutch TTF gas futures up 220% since June.

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At the same time, although Norway is going to increase gas production, it does not plan to look for ways to make the cost of European fuel more affordable, Aasland said..

“In general, the market is predictable. When there's a shortage, prices get high. It also contributes to the increase in production and the direction of gas to the markets most in need of it,” said the Norwegian Minister.