finance
IEA Director Urges EU to Review Arctic Drilling Moratorium
Fatih Birol, executive director of the International Energy Agency, called for the European Union to examine its 2021 ban on Arctic drilling. Norway, the bloc's largest natural gas supplier, has pressed for access to reserves in the Barents Sea.
Jul 10, 11:30 AM·1m read2 sources
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Fatih Birol, executive director of the International Energy Agency, said the European Union should review its moratorium on Arctic drilling. The call came after a meeting in Brussels with Norwegian Finance Minister Jens Stoltenberg. The EU imposed the moratorium in 2021 over climate and environmental concerns.
The policy blocks drilling in Norway's northern Barents Sea, which holds most of the country's remaining oil and gas resources. Norway is not an EU member but supplies the largest share of Europe's natural gas. The country has lobbied the bloc in recent months to lift restrictions, citing the need for supply sources outside conflict zones.
Birol stated that the review is important for European energy security. He added that every barrel of Norwegian oil is needed globally. In a post on X, Birol wrote that he emphasized Norway's role in energy security as countries reassess their strategies.
