Natural gas exports: Norway now leads ahead of Russia
Norway has overtaken Russia to become the world’s leading exporter of natural gas via pipelines, based on last year’s figures. Russia’s declining exports stem from sanctions and self-imposed isolation following its invasion of Ukraine. In 2022, Norway exported 108.6 billion cubic meters of natural gas through pipelines, compared to Russia’s 103.5 billion cubic meters. This marks a sharp drop for Russia, whose total pipeline gas exports have more than halved over the past two decades.
Since 2022, Russian gas imports to Europe have fallen by 90%. This shift has forced Russia to seek alternative markets, particularly in Asia, but it faces challenges such as significantly higher logistics costs—at least double what they were before. The global average wholesale price for natural gas last year stood at $5.31 per million BTU, slightly higher than the previous year but well below the historic peak of $9.45 per million BTU recorded in 2022, according to a study by the International Gas Union (IGU).
Attack on Novorossiysk: regional fallout
Against this backdrop, on May 23, 2026, drones struck port infrastructure in Novorossiysk. Debris from the unmanned aerial vehicles fell on the site of a fuel terminal, sparking a fire. Two Russian nationals were injured and hospitalized. This incident underscores rising tensions in the region, which accompany shifts in global energy policy.
The change in natural gas export leadership in favor of Norway highlights major transformations in the global energy landscape, especially amid the political and economic challenges Russia now faces. Russia’s reduced export volumes could have long-term consequences for its economy as well as for Europe’s energy security. Events like the attack on Novorossiysk continue to spotlight instability in the Black Sea region, potentially affecting energy supply reliability as global market dynamics evolve.
The shifting dynamics of global energy exports not only reflect Norway's rise but also highlight the ongoing challenges faced by Russia. This is particularly evident as recent events, such as the disabling of a significant portion of Russia's oil refining capacity, further exacerbate the country's economic struggles. As the geopolitical landscape evolves, the implications for energy security in Europe and beyond are becoming increasingly critical.