OSLO: Norway's oil industry employers struck a wage bargain with the Safe labour union on Tuesday, preventing a strike at the Mongstad crude terminal and shutdowns of major offshore oil and gas fields, Safe told Reuters.

Operator Equinor had said a strike could reduce Mongstad's storage and harbour capacity and disrupt production at fields responsible for a third of the country's crude output and more than 40% of natural gas exports.

Norway, western Europe's largest oil and gas producer, pumps about 2.1 million barrels per day (bpd) of crude, while gas production amounts to 2 million barrels of oil equivalent per day (boed).