OSLO: Wage talks between Norwegian oil firms and three labour unions ended in a deal, industry and union officials say, averting the risk of strike action later this year that could have hit supply.

Unions Lederne, Safe and IE&FLT agreed with companies, industry group Offshore Norway said.

Norway produces around four million barrels of oil equivalent per day, almost equally divided between oil and natural gas.

The Nordic country became Europe’s largest gas supplier after Russia cut its deliveries amid the war in Ukraine.

The wage agreements cover 7,300 workers at more than a dozen oil companies and suppliers, including Equinor, ConocoPhillips, Aker BP and Vaar Energi.

 - Reuters