Energy

Labor strike could wipe out almost 25% of Norway’s oil production

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An Equinor employee talks to a reporter on a rig used to produce oil from the Johan Sverdrup oil field some 140 kilometres west from the town of Stavanger, Norway, on December 3, 2019.

TOM LITTLE | AFP via Getty Images

LONDON — A strike by workers in the Norwegian oil sector could soon wipe out nearly one-quarter of the country’s petroleum output, Norway’s Oil and Gas Association warned on Thursday, with the intensifying dispute helping oil prices to build on recent gains.

International benchmark Brent crude futures traded at $43.09 a barrel on Thursday afternoon, up more than 2.6%, while U.S. West Texas Intermediate futures stood at $41.01 a barrel, around 2.7% higher.

The dispute…



Source cnbc.com

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