Oil and gas production in Norway is heading for a quick return to normal after news of the end of a ten-day strike that affected world prices.
Black gold prices ended in decline on Friday in New York, mainly due to the announcement of a social agreement in Norway.
“
The ten-day strike is over,
” says the Norwegian Oil and Gas Association on its website.
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The movement had already shut down on Monday six oil fields representing 8% of the production of the largest producer of hydrocarbons in Western Europe (about 300,000 barrels of oil, oil and gas equivalent combined), and threatened to cut back a quarter of its oil and gas production in the coming days.
The sites concerned were mostly operated by the state-owned oil giant Equinor (ex-Statoil).
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The agreement, reached Friday evening in Norway after an eight-hour negotiation between the companies and the Lederne union, provides in particular for comfortable wage increases in the Norwegian oil industry, as well as a new collective bargaining agreement for operators in land by April 2021.
In total, a daily production of nearly one million barrels of oil equivalent of black gold and natural gas was threatened by the movement in the coming days, out of a total of around four million coming out of Norwegian deposits each day.