EQNR - Norway oil workers to end strike as government intervenes

Norway's government stepped in Tuesday to end a strike by some of the country's oil and gas workers that had caused sharp production cuts, Reuters reports, citing Norway's labor minister and a union leader.

The government reportedly has proposed a compulsory wage board with the aim of resolving a labor dispute that had threatened to cut Norway's gas exports by nearly 60% and exacerbate supply shortages.

The strike would have cut gas exports by more than 1M boe/day, or 56% of daily gas exports, the Norwegian Oil and Gas employers' lobby had said.

Norway's Equinor ( NYSE: EQNR ) pared losses on the news, down ~1%, but Brent crude settled -9.4% at $102.77/bbl, as fears of a global recession outweighed concerns about supply disruption .

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