Norway Oil Firms – Union to resume wage talks

 According to CNBC and Rueters, the dispute between the Lederne Drilling Union and the Norwegian Oil and Gas Association began when talks collapsed on Sept. 30, which prompting production outages from Oct. 5.

The fall out has prompted Norwegian oil firms and labor union officials to resume formal wage negotiations on Friday October 9th in a bid to end the strike that has the potential to cut the country’s oil and gas output by close to 25% by October 14th. Lederne Union Chief Audun Ingvartsen told Reuters late Thursday, “I really hope we can have the deal tomorrow. We were very close to reaching it today.”


In Norway according to Reuters and other media outlets six offshore fields shut on Monday as the union ramped up its strike, reducing output by 330,000 barrels per day, and the outage could grow to 966,000 barrels per day by Oct. 14. The reduction in crude could potentially impact the global supply, which has already outpaced the COVID reduced global demand.


Written by:

Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED “AS IS,” WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.