Oil Prices in the Face of Norwegian Strike
Due to a strike from the workers of the largest oil producer in northern Europe in Norway, that region of the world should expect a rise in oil prices. Alongside the recent Brexit vote, the economy of Europe and the cost of fuel right now are shaky at best if not a complete mess. If planning to visit the EU any time soon for a luxury Mercedes-Benz drive through multiple countries, it could be far more expensive than originally planned.
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Oil prices rose on Tuesday as a looming strike in Norway threatened to cut output in western Europe’s biggest producer, although Britain’s vote to leave the European Union was still weighing on markets.
About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from the North Sea’s top producer, if a new wage deal is not agreed before a Friday deadline.
A final round of mandatory talks will be hosted by a state mediator on June 30 and July 1 in an effort to avoid disruption that could start the following day. Continue Reading