The price of natural gas doubling during 2022 to USD 300 per barrel measured as oil equivalent as well as North Sea crude surging from USD 78 to 115 a barrel has been a highly lucrative affair for Norway's largest oil and gas outfit, Equinor.

According to domestic media Finansavisen, Equinor is making more than NOK 600m (EUR 60.96m) after taxes per day at the moment.

This comes as the Ukraine war is setting a giant question mark on Europe's energy situation, being that the continent is particularly dependent on Russian fuel. Oil and gas prices were already on multi-year highs prior to Russia invading its western neighbor. Since then, Western sanctions have resulted in many companies pulling out of Russia, thereby squeezing fuel supply.

Moreover, there are market concerns that Russia might reduce energy export and make price rise even higher. That's why Equinor as Europe's second-largest gas supplier is playing a very important role right now.

As EnergyWatch reported Monday, Equinor has decided to cut all ties with the Russian market in reaction to the Russia's war on Ukraine.

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