EU’s Arctic Strategy Excludes Oil and Gas

AI Summary

The European Union’s updated Arctic strategy recommends keeping Arctic crude oil and natural gas reserves in the ground, reiterating its opposition to developing the region’s hydrocarbons. The policy comes as the bloc faces a fuel crisis and soaring gas prices ahead of winter demand.

The European Union will shun crude oil and natural gas produced from fields in the Arctic, recommending that these “stay in the ground” under its new Arctic strategy released this week. The reiteration of the EU’s stance on Arctic hydrocarbons comes amid a severe fuel crisis and soaring gas prices ahead of winter peak demand season. The update on the Arctic strategy of the bloc that has quite limited geographical exposure to the Arctic comes five years after the last one, as the Arctic draws increasing attention, notably from…