EU Lawmakers Call on Norway to Share Middle East Oil Windfall

(MENAFN) European Parliament members intensified pressure on Norway Monday, demanding that the Scandinavian nation redirect a portion of its surging oil and gas revenues toward Ukraine and struggling European consumers — gains they argue have been turbocharged by the ongoing Middle East crisis.

Energy prices have climbed sharply on the back of regional conflict and an unstable ceasefire, swelling Norway's export earnings considerably, according to a Norwegian public broadcaster.

Swedish MEP Karin Karlsbro, representing the liberal bloc in the European Parliament, framed the issue as a moral obligation for wealthy nations. "I hope that all countries that have the financial means to increase their support for Ukraine will do so. It is clear that Norway now has a new opportunity," she said, adding that expectations toward Oslo are especially elevated given its robust economy and energy windfall.

The pressure campaign extends beyond sovereign contributions. German Green party lawmaker Rasmus Andresen put forward a parallel push to impose steeper taxation on oil and gas corporations operating across Europe. "Europeans have huge bills. We want to tax oil and gas companies harder," he said, proposing a levy of 20–25% with proceeds channeled directly back to consumers.

That proposal — backed by a coalition of member states — is currently under review by the European Commission and could significantly affect major industry players, including Norway's state-controlled energy giant Equinor.

Oslo, however, mounted a firm defense of its track record. Finance Minister Jens Stoltenberg countered that Norway already contributes a disproportionately high level of support to Ukraine relative to its GDP compared with other Western nations.

He also cautioned against oversimplifying the revenue picture, warning that global instability carries a steep hidden cost for Norway's sovereign wealth fund — one of the world's largest — given its deep exposure to international markets. "If unrest in the world leads to weakened future prospects … the fall in the fund will be far greater than the increased oil revenues," Stoltenberg said, arguing that Norway's long-term interests are fundamentally tied to global peace and stability.

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