IEA Urges EU to Review Arctic Drilling Moratorium, Citing Importance of Norwegian Oil

International Energy Agency (IEA) Executive Director Fatih Birol stated on Friday that the European Union (EU) should reconsider its moratorium on Arctic drilling, arguing that Norwegian oil and gas are crucial for Europe’s energy security. The EU introduced the moratorium in 2021 as part of its climate commitments and environmental policy. The measure prevents drilling in Norway’s northern Barents Sea, an area believed to contain most of the country’s remaining oil and gas resources. Norway, which is not an EU member but is Europe’s largest supplier of natural gas, has urged the bloc in recent months to lift its opposition to Arctic drilling. The country argues that the war in Iran and the largest disruption to oil and gas supplies in history have strengthened the case for securing reliable energy supplies from regions outside conflict zones. Birol called for a review of the moratorium following a meeting with Norwegian Finance Minister Jens Stoltenberg in Brussels. ‘I support the Commission in examining this issue carefully because it is important for Europe’s energy security,’ Birol said, as reported by Bloomberg. ‘The world needs every drop of oil from Norway,’ he added to the international body. Birol wrote on his X account that during the meeting with Norwegian officials, he ‘stressed the importance of Norway for Europe’s energy security as countries reassess their energy strategies.’ The call comes as some European investors continue to urge the European Commission to maintain the moratorium. Norway has argued for years that the boundary defining the Arctic should not determine where oil and gas exploration can take place.