IEA Chief Urges EU to Reconsider Arctic Drilling Ban Amid Energy Security Concerns

According to Jin10, International Energy Agency Director Fatih Birol urged the European Union to reconsider its ban on Arctic oil and gas drilling on July 10 following talks with Norway's finance minister in Brussels. "I support the EU Commission paying close attention to this issue, as it is crucial for European energy security. The world needs every drop of Norwegian oil," Birol told reporters. The ban, initially implemented in 2021, remains opposed by six institutional investors who called on the EU to maintain its stance this week, citing risks to fragile ecosystems and prioritizing green transition commitments.
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