The World’s Fifth-Largest Oil Producer Faces Shut Down

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By Lucy Culpepper, Overseas Retirement Letter Managing Editor

Strike action by Norway’s offshore oil workers over pension and retirement-age disagreements has seen oil production fall by 13% and gas output drop by 4% since the strike started June 24.

Offshore workers are demanding an increase in pension and a lowered retirement age from 65 to 62. Talks between the workers, the government, and the Norwegian Oil Industry Association (OLF) have failed. OLF says their only option is a lock out.

This means that 6 515 workers covered by the offshore pay agreements will be locked out from their workplaces with effect from 00.00 on Tuesday 10 July. Oil prices have risen sharply as a result of the news. The lockout will affect all production on Norway’s continental shelf, where about 50 companies operate, including BP and Royal Dutch Shell.

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