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Major Norwegian Strike Threatens North Sea Supplies

Oil

A major strike commenced on Tuesday on Norwegian offshore oil and gas rigs, following a wage dispute between the Norwegian Shipowners’ Association and two labour unions representing offshore platform workers, Reuters reports. This has led to the temporary shutdown of Shell’s Knarr field which has a production of about 23.9K b/d of oil and oil equivalents. There is potential for additional disruptions throughout the week, as talks between the striking unions and rig employers will take some days to resume, while the number of workers participating in the strike will keep rising on a daily basis until the issue is resolved, according to a union representative.

Norway’s oil production stood at a monthly average of 1.91M b/d in January-May 2018, accounting for 64% of total North Sea supplies during the period, according to IEA data.