Norwegian oil, gas workers begin strike over soaring inflation, cutting output

Norwegian offshore workers have begun a strike, demanding wage increases to compensate for soaring inflation across the country, according to the union leading the industrial action.

“The strike has begun,” Audun Ingvartsen, the leader of the Lederne trade union said in an interview with Reuters Tuesday morning.

According to Reuters, the industrial action is underway at three fields of Gudrun, Oseberg South, and Oseberg East and will expand to four other fields of Kristin, Heidrun, Aasta Hansteen, and Tyrihans from midnight on Wednesday.

Equinor petroleum refining company said that it has shut down three fields in the North Sea as a result of the strike.

The strike, which is set to reduce oil and gas output, comes at a time when Europe is already in the throes of an energy crunch, with supplies of natural gas running tight amid Russian export cutbacks.

The Norwegian labor ministry said it was watching the process “closely” and warned that it will intervene to stop the strike in exceptional circumstances.

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According to figures presented by Equinor, Tuesday’s oil and gas output will be reduced by 89,000 barrels of oil equivalent per day (boepd), of which gas output makes up 27,500 boepd.

The strike will continue on Wednesday, fueling the crisis and deepening the cut to the country's gas production to a total of 292,000 barrels, or 13 percent of output, NOG said.

A planned escalation by Saturday is set to shut about a quarter of Norway’s gas output, as well as around 15 percent of its oil production, Reuters reported.

“Consequences of this escalation are not yet clear,” Equinor said.

After three steps of escalation, the production of crude and other oil liquids could reduce by another 160,000 boepd and natural gas output by close to 230,000 boepd, according to a Reuters calculation.

Apart from Norway, most other countries across Europe are presently grappling with energy crises, with fuel costs surging across the continent.

The EU countries are also struggling with rising inflation that has pushed the living costs for citizens higher.

The Western governments blame the Russian military operation in Ukraine for their financial and energy crises.

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Industrial action causes bankruptcy for SAS

Meanwhile, another strike action has caused the Scandinavian airline SAS to file for bankruptcy in the US.

It was at pains to announce on Tuesday that industrial action by pilots had impacted its financial position and liquidity.

“The strike has a negative impact on the liquidity and financial position of the company and, if prolonged, such impact could become material,” the airline said.

After wage talks between SAS and its pilots failed on Monday, strike action was initiated and added to travel chaos across Europe amid the peak summer vacation period.

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