Norway Calls For Arbitration To End Oil, Gas Strike

Norway intervened late Tuesday to stop an oil and gas workers' protest, citing concerns over Europe's energy crisis in the midst of Russia's war in Ukraine, Gayle Harrington and Anna Cooban reported for CNN.

Photo Insert: Norway is Europe's second-largest energy provider behind Russia, and the strike drove up gas prices to their highest in four months.

Natural gas prices rose as Norwegian oil and gas employees went on strike over a salary dispute on Tuesday, shutting down three North Sea fields and threatening to escalate action throughout the week.

Norway is Europe's second-largest energy provider behind Russia, and the strike drove up gas prices to their highest in four months. To resolve the conflict, the Norwegian government has proposed mandatory wage arbitration.

According to the Norwegian oil and gas employers' lobby, the strikes might have blocked about 60% of Norwegian gas supplies to Europe beginning July 9.

The shutdown of the three fields resulted in the loss of around 89,000 barrels of oil per day, according to Equinor, Norway's state-owned energy corporation.

Europe is attempting to wean itself off of Russia's exports, which are already being restricted by Moscow. Any protracted reduction in Norwegian output might undermine efforts to replenish gas inventories ahead of the winter, as well as increase the possibility of a catastrophic energy shortage.

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