EU lawmakers urge Norway to share windfall energy profits amid Mideast tensions

Several lawmakers in the European Parliament on Monday called on Norway to redistribute part of its increased oil and gas revenues, arguing that windfall gains driven by the Middle East crisis should be shared with Ukraine and European consumers.

The calls come as the conflict and fragile ceasefire in the region have pushed energy prices higher, boosting Norway’s export earnings, Norwegian public broadcaster NRK reported.

Karin Karlsbro, a Swedish member of the European Parliament from the liberal group, said countries with strong financial capacity should step up support for Ukraine.

“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.

Karlsbro added that expectations toward Norway are particularly high given its strong economy and increased revenues from energy exports.

Parallel proposals have also emerged targeting energy companies. German lawmaker Rasmus Andresen from the Greens group called for higher taxation on oil and gas firms operating in Europe.

“Europeans have huge bills. We want to tax oil and gas companies harder,” he said, suggesting a levy of 20–25% with proceeds redistributed directly to consumers.

The proposal, backed by several countries, is currently under consideration by the European Commission and could affect major players such as Norway’s state-controlled energy company Equinor.

Norwegian officials, however, pushed back against criticism, highlighting the country’s existing contributions. Finance Minister Jens Stoltenberg said Norway already provides significantly higher support to Ukraine relative to its economic size than other Western nations.

He also warned that while rising oil prices boost revenues, global instability negatively impacts Norway’s sovereign wealth fund, which is heavily invested in 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, stressing that Norway ultimately benefits from global stability.