Norway profits from the oil and gas crisis. Europe wants a share of the revenues

Tensions in the Middle East and a fragile truce are affecting commodity prices. The price increase translates into higher revenues for Norway. The situation has caught the attention of politicians in Brussels, who point to the need to share part of the profits. The discussion concerns Ukraine and the energy market.

MEP Karin Karlsbro points out in NRK the rising costs of defending Ukraine. She emphasizes that countries with strong economies should increase their assistance. In her opinion, Norway now has new financial opportunities resulting from the current situation on the commodity market.

Karlsbro notes the EU's problems with launching one of its loan mechanisms, which increases the importance of support from partners. Norway is seen as a country with large resources. The MEP does not address ethical issues, but she stresses the importance of cooperation for security.

Representatives of the Greens are proposing additional taxation of oil and gas companies. Rasmus Andresen points to the high costs borne by Europeans. The proposed rate is between 20 and 25 percent. The revenues would go directly to citizens. The decision would rest with member states.

A similar solution has been proposed by five countries. The initiative emerged after the price increases related to the situation in the Middle East. The European Commission is analyzing the project. Possible regulations could cover, among others, Equinor. The topic remains at the political discussion stage.

Finance Minister Jens Stoltenberg points out that Norway provides Ukraine with more than 10 times as much support relative to GDP as other Western countries. He notes that rising oil prices increase revenues, but market declines reduce the value of the pension fund. The fund is five times larger than the value of the remaining deposits on the Norwegian shelf. He also indicates that a downturn in the global economy could bring greater losses than profits from raw materials.