Norway Urges Europe Against Gas Price Cap Amid Rising Costs

Norway's Prime Minister warns Europe not to impose a cap on natural gas prices despite soaring costs due to Middle East conflicts. He argues that capping prices could exacerbate demand issues amid reduced supply. The EU had previously refrained from gas caps after Russia's actions in Ukraine.

Norway's Prime Minister Jonas Gahr Stoere has urged Europe not to impose a cap on natural gas prices, even as costs skyrocket due to the ongoing conflict in the Middle East.

Following the U.S.-Israeli conflict with Iran, the European benchmark TTF gas contract surged by 60%. While the European Union considers price curbing measures, Stoere warns that a cap could increase demand amidst dwindling supply.

Stoere reassured that Norway will continue being a reliable energy supplier, opposing price caps similar to those considered during Russia's invasion of Ukraine in 2022.

(With inputs from agencies.)