If developments on the Crimea peninsula escalate even further, Statoil could stand to benefit on the long term, says oil analyst John A. Olaisen of ABG Sundai Collier. Russia is the world's largest oil producer and 25 percent of all the gas currently used by the EU is supplied by Russia. Norway accounts for 20 percent, according to Norwegian newspaper Dagens Næringsliv.
"If this turns into a long-term situation, with Russia using sanctions to put pressure on the EU, it could result in higher gas prices and an increased production in Norway. This would be a fantastic situation for Norway," he tells Dagens Næringsliv.
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