Mikael HolterApril 8, 2019, 6:00 AM GMT+2
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Western Europe’s biggest petroleum producer is falling out of love with oil.
To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor Party over the weekend decided to withdraw its support for oil exploration offshore the sensitive Lofoten islands in Norway’s Arctic, creating a solid majority in parliament to keep the area off limits for drilling.
The dramatic shift by Norway’s biggest party is a significant blow to the support the oil industry has enjoyed, and could signal that the Scandinavian nation is coming closer to the end of an era that made it one of the world’s most affluent.
Crude Dependence
Oil and gas account for more than half of Norway’s exports
Source: Statistics Norway
Note: 2018 figures
Norway Is Walking Away From Billions of Barrels of Oil – Bloomberg
Mikael HolterApril 8, 2019, 6:00 AM GMT+2 LISTEN TO ARTICLE Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. Western Europe’s biggest petroleum producer is falling out of love with oil. To the dismay of the nation’s powerful oil industry and its worker unions, the opposition Labor […]