Norwegian gas supplies rose to Europe in the midst of a workers’ strike that has seen oil production decrease by 8%, according to Reuters.
According to gas analysts at Refinitiv, “the flexible fields have been ramped up to compensate production loss due to the strike.”
The entire oil and gas sector has been disrupted by the closure of six Norwegian offshore oil and gas fields, which has curbed gas flow volumes by about 35 million cubic meters (mcm).
The main European importers of Norwegian gas are Britain, Germany, France, the Netherlands, and Belgium. Empirical data shows flows to Britain and continental Europe fell 17 mcm on Monday but were up by 7 mcm on Tuesday.
Despite this surge in exports, European gas markets are currently well-supplied, with plenty of gas in storage. At present, prices are at seasonal lows due to the impact of mild winters, plentiful LNG supply, and reduced energy demand during the coronavirus pandemic.