Norway’s Oil Supplier Reputation Unharmed by Strike, IEA Says

Norway did well to step in an end an oil strike last year as the country needs to ensure it doesn’t damage its reputation as a reliable oil supplier, the head of the International Energy Agency said.

“It was solved, and it was very important that the reliability was not brought into question,” Maria van der Hoeven, the energy adviser’s executive director, said today in an interview in Oslo. “To have reliable risk management is also part of the trust and confidence put in you.”

A strike over pay and pensions at the end of June and beginning of July was ended by the government through forced arbitration as a total shutdown loomed. The strike disrupted 15 percent of oil production and 7 percent of gas output, according to Norway’s Oil Industry Association.

Norway is western Europe’s largest producer of oil and gas. The country produced about 1.44 million barrels of oil a day in November and 10 billion cubic meters of natural gas, according to the Norwegian Petroleum Directorate

“Norway is very reliable, not only in oil and gas, but also in electricity and power supply to Europe,” van der Hoeven said.

The IEA, based in Paris. is an energy adviser to 28 fuel consuming nations.

To contact the reporter on this story: Mikael Holter in Oslo at mholter2@bloomberg.net

To contact the editor responsible for this story: Jonas Bergman in Oslo on at jbergman@bloomberg.ne

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