Greg Hands makes Putin jibe at SNP over oil and gas
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Gas prices in the UK have skyrocketed to the highest levels in almost four months as strikes in Norway threaten to exacerbate an already crippling energy crisis. These strikes, which stem from a dispute between oil companies and offshore platform employees over wages, could wreak even more havoc in Europe even as Russia has significantly cut supplies to the continent.
THIS IS A BREAKING STORY. MORE TO FOLLOW.
The UK receives most of its important natural gas from Norway, and as a result, prices have spiked by 20 percent.
Meanwhile in Europe, benchmark prices rose by 9.8 percent, as Norway’s oil and gas lobby warned that as a result of the strikes, aprroximately 13 percent of the country’s daily gas exports are at risk.
Three gas fields are set to be shut down as part of the strikes that begin tomorrow, while another three sites will be closed the following day.
The Norwegian Oil and Gas Association (NOG) calculates that the strikes could cut the country’s gas output by 292,000 barrels of oil equivalent per day.
These strikes have aggravated fears that Europe may not have enough gas supplies to fill storage sites in time for winter, after which may be forced to rely on Russian energy exports.
Source: Read Full Article