Natural gas
Norway warned on Tuesday that gas supplies to the United Kingdom could be cut off this weekend in the event of a further strike by workers, pushing European gas prices to their highest in four months.
Norwegian pipeline operator Gasco told The Times that in the worst case scenario, gas supplies to the UK could be halted completely. This comes after Norway’s energy giant Equinor ASA announced the closure of three oil fields after its employees went on strike, and workers said they intended to shut down a major distribution center that supplies Britain with gas by Saturday.
Notably, the strikes are expected to affect approximately 60% of gas exports from the Norwegian Continental Shelf (NCS), resulting in a daily revenue loss of NOK 1.8 billion, and the interruption of 89,000 barrels of oil per day.
At the same time, supply disruptions caused European gas prices to rise significantly, as natural gas prices increased by 9% in European countries.