Norway said that exorbitant gas prices are not in its interests and it will work with the EU to stabilize the market, Reuters reports.

The European Union is grappling with the effects of soaring gas prices that have driven up inflation, pushed some utilities to the brink and threatened a recession.

These incredible gas price hikes are not in Norway's interest, Prime Minister Jonas Gahr Støre told reporters after meeting with gas companies to discuss ways to lower the price at which Norway sells gas to Europe.

Rising gas prices in Europe, which have risen 250 percent in the past year and have sharply increased Norway's export revenues, have created havoc for energy companies.

Since Russia cut flows to Europe, Norway has become the largest supplier of pipeline gas to the region.

Norway is expected to produce about 122 billion cubic meters of gas this year, according to official forecasts in May, an 8 percent increase over 2021, as producers maximized production.

Russian Deputy Prime Minister Alexander Novak said Russian gas exports to the EU will drop by 50 billion cubic meters this year, Interfax reported. About 150 billion cubic meters of gas were sent to the EU in 2021.

EU energy ministers will try to approve new measures to reduce gas and electricity prices at an emergency summit on Sept. 30 and have sought help from Norway, which is not an EU member.

The Norwegian prime minister's talks focused on long-term supply contracts. Energy companies said they were willing to sign such deals, but they needed to know their counterparties after a number of European energy suppliers collapsed because rules often prevented them from passing on all their extra costs to consumers.