Europe's top supplier of natural gas says capping prices won't fix the continent's energy crisis

• Norway's prime minister says capping gas prices in Europe won't solve the energy crisis.
• Jonas Gahr Stoere met with European Commission President Ursula von der Leyen Monday to discuss the gas shortage.

Capping gas prices in Europe won't solve the energy crisis gripping the continent, according to Norwegian Prime Minister Jonas Gahr Stoere.

While Norway remains open toward other proposals, he said he's "skeptical towards a maximum price on natural gas."

"A maximum price would not solve the fundamental problem, which is that there is too little gas in Europe," Stoere added.

His wariness toward a price cap could represent a major blow to Europe's efforts to lower natural gas prices. While they have come off highs since European leaders began mulling market interventions, they remain more than three times year-ago levels.

Since Russia's invasion of Ukraine, Norway has become Europe's top supplier of natural gas as Moscow has slashed gas flows to the region and recently shut down the Nord Stream 1 pipeline again.

Stoere met with European Commission President Ursula von der Leyen Monday to discuss remedying Europe's energy crisis.

European Union energy ministers on Friday asked the European Commission to propose a cap on gas prices, with von der Leyen set to unveil the bloc's newest proposals in a speech on Wednesday.