Norwegian Government Ends Strikes

The Norwegian government has intervened in strike action in the Norwegian oil sector that began this week, ending the industrial action.

• "Workers are going back to work as soon as possible. We are cancelling the planned escalation," Lederne union leader Audun Ingvartsen said.
• Under the forced settlement by the government, workers will receive the same terms as the two other oil unions that had negotiated deals with employers, though the specifics will be agreed at a later stage
• The Norwegian government were concerned about the planned escalation of the strike that could have potentially stopped around 56% of gas exports from the Norwegian continental shelf along with oil production losses of around 341,000 bpd.
• In a worst-case scenario, Belgium and Britain would not have received any piped Norwegian gas from Saturday.
• Losing gas flows has not been deemed tenable at a time when the Nord Stream 1 pipeline is running at 40% capacity and is set to go under maintenance from July 11-21 with fears around whether it will turn back on again.