Norway is the world’s fifth largest oil exporter, so if they shut down oil and gas production it is going to have very significant impact on oil and energy prices. And it looks like this may happen. Norway’s three main offshore unions have been on strike for 15 days. The dispute is over the 6,500 oil workers’ demands for the right to retire early, at 62, with a full pension. Already oil production has been cut by 13% and gas output by 4% since the strikes began on 24 June.
Now the 50 company’s involved in the dispute have treatened to shut down production themselves as negotiations appear to have broken down. This threat is largely designed to force the government to end the current strikes. The government possesses emergency powers that can force an end to a strike if safety is being compromised or national interests are being harmed.
Source: BBC News