Norwegian Strike Fuels Fears of Gas Shortages in Europe
An announced strike in the Norwegian gas and oil sector will lead to rising gas prices in Europe on Monday. The fear of a further reduction in gas supply, after Russia had previously turned off the gas tap, caused prices to rise by 2.7 percent.
The strike due Tuesday could affect up to 13 percent of Norwegian gas exports, the Norwegian gas and oil lobby warned. Three gas fields will be shut down from Tuesday and three more production locations will follow a day later.
Europe is trying to quickly reduce its dependence on Russian gas because of the war in Ukraine, but that gas is still needed. Several countries have already put emergency plans into effect. In Germany, which relies most on Russian gas, companies even fear not getting enough gas and may have to cut production.
Later this month, the Nord Stream pipeline through the Baltic Sea will close for annual maintenance. Germany is taking into account that Russia, which recently cut supply by 60 percent, will not reopen that pipeline at all.