Although the oil crisis has been declared over by many and the oil price over the past half year has stabilized to approximately USD 50 per barrel, it is not all celebration among oil companies.
The oil industry's "new normal" in terms of long-term oil prices is far from the highs of yesteryear, and this has now pushed French oil giant Total to drastically reduce its staff in Norway. 115 to 140 of Total's 400 Norwegian employees will be fired, writes industry media Sysla.
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European lawmakers demand action to rein in gas prices, and the EU Commission has drafted a plan. However, gas prices constitute tricky puzzle: No matter how it’s approached, Europe faces an energy shortage in the next six months. The only way to help consumers is through aid, but this is a potentially costly and dangerous path, says analyst.