Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The strike in Norway ended after the authorities intervention


July, 06 2022
watermark Economic news

The strike of representatives of the oil and gas industry in Norway ended after the intervention of the country's government in the situation. Experts note that if the strike is delayed, gas exports from the country could be reduced by more than half. 


The strike was mainly attended by the management staff of offshore platforms – workers demanded higher salaries than the planned level. 


As you know, Norway ranks second after Russia in terms of natural gas supplies to the European Union, providing about 25% of its needs. The strike, which began on Tuesday night, has already led to a reduction in daily gas exports from the country by 1%. Analysts estimate that by Saturday the drop would have reached 56%.


Following this, the cost of gas in Europe also jumped, to the highs of March. Prices in the region have risen to record levels, as many power plants run on natural gas.


Yesterday, Norwegian Labor Minister Martin Mies Persen held a meeting with oil companies and employee representatives, after which the union decided to end the strike. 


«When a conflict can have such serious social consequences for the whole of Europe, I have no choice but to intervene in the conflict,» Persen said.


The minister also noted that the EU and the UK are completely dependent on the energy partnership with Norway, so it is extremely important to prevent a reduction in gas production.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.