The EU is considering dropping its opposition to new oil and gas drilling in the Arctic as it seeks to shore up energy supplies in response to the crisis in the Middle East.
The EU has been pushing for an international ban on new oil and gas drilling on environmental grounds since 2021 but it is now weighing abandoning the proposal, according to multiple people familiar with discussions and a document seen by the FT.
The U-turn could come as part of a review of the EU’s Arctic policy due by the autumn, several of the people said, although they cautioned that discussions remained at an early stage.
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