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Economy
In reply to the discussion: STOCKMARKET WATCH -- Wednesday, 11 July 2012 [View all]Demeter
(85,373 posts)60. Norway intervenes to avert oil industry closure
http://www.cnbc.com/id/48128505
Norway's government ordered on Monday a last-minute settlement in a dispute between striking oil workers and employers in a move to alleviate market fears over a full closure of its oil industry and a steep cut in Europe's supplies.
The strike over pensions had kept crude prices on the boil with analysts expecting far quicker action by the government to stop the oil industry from locking out all offshore staff from their workplaces from midnight (2200 GMT) on Monday.
Oil markets breathed a sigh of relief on news of the intervention and crude prices dropped in early Asian trade.
Under Norwegian law, the government can force the striking workers back to duty and has done so in the past to protect the industry on which much of the country's economy depends...MORE
Norway's government ordered on Monday a last-minute settlement in a dispute between striking oil workers and employers in a move to alleviate market fears over a full closure of its oil industry and a steep cut in Europe's supplies.
The strike over pensions had kept crude prices on the boil with analysts expecting far quicker action by the government to stop the oil industry from locking out all offshore staff from their workplaces from midnight (2200 GMT) on Monday.
Oil markets breathed a sigh of relief on news of the intervention and crude prices dropped in early Asian trade.
Under Norwegian law, the government can force the striking workers back to duty and has done so in the past to protect the industry on which much of the country's economy depends...MORE
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