OSLO, July 5 (Reuters) – Norway’s Labor Minister summoned oil and gas industry leaders and a union to strike on Tuesday in a sign the government may intervene to end the dispute that has slashed the country’s oil production .

Norwegian offshore oil and gas workers went on strike on Tuesday, the first day of a planned industrial action that could cut the country’s gas exports by nearly 60% and exacerbate war-related supply shortages in Ukraine.

By Saturday, daily gas exports would be cut by 1,117,000 barrels of oil equivalent (boe), or 56% of daily gas exports, while 341,000 barrels of oil would be lost, the employers’ lobby said Norwegian Oil and Gas Company (NOG).

The government has the power to intervene in strikes under certain circumstances, and a summons from both parties by the Minister of Labor is normally a sign that a strike will end within hours.

“The minister has called a meeting between the parties,” a ministry spokesman told Reuters. He declined to comment further.

Oil and gas from Norway, Europe’s second-largest energy supplier after Russia, is in high demand as the country is seen as a reliable and predictable supplier, especially with Russia’s Nord Stream 1 gas pipeline due to be shut down for maintenance from July 11 for 10 days. .

Britain’s wholesale gas price for next-day delivery jumped nearly 16%, although the price of Brent crude fell as fears of a global recession outweighed worries about supply disruptions. supply, including the strike in Norway.

Additional reporting by Terje Solsvik; Editing by Jason Neely, David Clarke, Alison Williams, Barbara Lewis and Marguerita Choy

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