Rising oil prices linked to trade tensions in Norway

Norway expects a prolongation of the trade union conflict which could force Equinor (formerly statoil, the norwegian state energy company) to further locks in oil and natural gas production with possible tensions on both oil prices and european natural gas.

The Niger Lederne union has stated that they will extend the strike by workers on offshore oil platforms unless a wage agreement is reached in the meantime.
The escalation will affect four additional oil fields: Oseberg South (where Equinor operates), Oseberg East, the Kristin fields and the Ekofisk Bravo/Kilo platforms (operated by ConocoPhillips). At the moment, according to the Norwegian Oil and Gas Association, it is too early to estimate the effects on production.
The production locks of these four fields would add to the six offshore oil and gas fields that have already been shut down on October 5, reducing production by 8%, equivalent to 330,000 barrels of crude oil equivalent per day. The labor conflict, coupled with the expected arrival of a hurricane in the Gulf of Mexico, has caused an increase in oil prices.

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