IEA chief says Norway oil vital, urges EU to review Arctic drilling moratorium

The EU should reconsider its moratorium on Arctic drilling, International Energy Agency Executive Director Fatih Birol said Friday, arguing that Norwegian oil and gas are vital for Europe's energy security.

The EU introduced the moratorium in 2021 as part of its climate commitments and environmental policies. The measure prevents drilling in Norway's northern Barents Sea, an area estimated to contain most of the country's remaining oil and gas resources.

Norway, which is not a member of the EU but is Europe's biggest supplier of natural gas, has been urging the bloc in recent months to drop its opposition to Arctic drilling.

The country argues that the Iran war and what it describes as the biggest oil and gas supply disruption 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 Norway's Finance Minister Jens Stoltenberg, in Brussels.

"I support the Commission to give a very close look at this issue because it is extremely important for the European energy security," Birol said, as Bloomberg reported.

"The world needs every drop of oil from Norway," the head of the international agency added.

Birol wrote on US social media platform X that during the meeting with the Norwegian official, he "emphasised Norway’s importance for European energy security as countries reassess their energy strategies."

The calls come as some European investors continue to urge the European Commission to maintain the moratorium.

Norway has argued for years that an arbitrary line defining the Arctic should not determine where oil and gas exploration can take place.