economy
Norway oil service lockout takes effect, disrupts offshore drilling
Norway's oil and gas output could fall by about 12,000 barrels of oil equivalent per day next week due to the strike and the lockout, an industry group says.
TL;DR
- Approximately 1,000 Norwegian oil service workers were locked out on Saturday morning.
- The lockout is an escalation of a labor dispute and is expected to disrupt drilling and production.
- Companies like SLB, Halliburton, and Baker Hughes are affected by the lockout.
- Norway's oil and gas output could decrease by about 12,000 barrels of oil equivalent per day next week.
- The Safe union has members on strike, and plans to withdraw more.
- The government can intervene if the dispute harms the country's vital economic interests, though compulsory arbitration is a last resort.