IEA Director Fatih Birol urged the EU to reassess its ban on new Arctic oil and
gas drilling after meeting Norway’s finance minister in Brussels, saying the
move is crucial for European energy security and that "the world needs every
drop of Norway's oil." Norway is lobbying the EU to remove the ban in a policy
update expected this year; the restriction was first imposed in 2021. Six
institutional investors have called on the EU to maintain the ban, citing the
need to stick to the green transition, while critics warn lifting it would do
little for short-term supply and would further endanger fragile ecosystems. Jens
Stoltenberg reiterated Norway’s position alongside Birol.
