Market Chatter: EU Reportedly Easing Stance Against New Oil, Gas Drilling in Arctic

11:25 AM EDT, 10/19/2026 (MT Newswires) -- The European Union appears to be softening its stance on new oil and gas drilling in the Arctic, with a draft of its forthcoming strategy seen by Bloomberg News no longer including references to a moratorium on new exploration in the polar region, according to a Monday report. The shift in language reportedly comes amid intense talks with Norway, which has been pushing the bloc to drop its climate-based opposition to Arctic exploration for oil and gas, the news outlet said. Meanwhile, the EU reaffirmed in the draft its view that oil, gas and coal should remain in the ground, including in the Arctic, in line with its wider climate goal of reducing net greenhouse gas emissions by 90% by 2040, compared with 1990 levels. The European Commission did not immediately respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)