Norway's natural gas producers are operating near full capacity, leaving Europe with few options to boost supplies as Qatar's LNG facility shutdown sends prices soaring. Energy Minister Terje Aasland said in Oslo that Norway is already producing at maximum output, with little room for additional production.

European gas prices spiked to their highest level since 2023, jumping more than 70% since Friday's close following the closure of Qatar's massive LNG export facility. The shutdown came after an Iranian drone attack on the world's largest liquefied natural gas export facility.

Norway now supplies about a third of Europe's natural gas needs after Russian flows collapsed following Ukraine's invasion. With storage tanks depleted entering the final stretch of winter, European nations face a challenging stockpiling season competing with global buyers for limited supplies.