Arab Today, arab today oil prices surge before norway lockout
Last Updated : GMT 15:55:12
Arab Today, arab today
Arab Today, arab today

Oil prices surge before Norway lockout

Arab Today, arab today

Arab Today, arab today Oil prices surge before Norway lockout

New York - AFP

Oil prices surged Monday as Norway\'s oil industry appeared headed for a labor lockout at 2200 GMT with little hint that a shutdown will be avoided in Western Europe\'s largest oil and gas producer. After pension talks between the industry and unions failed over the weekend, the industry side raised hopes that the Norwegian government would step in at the last minute. \"It is definitely possible that the government will intervene,\" said Eli Ane Nedreskaar, spokeswoman for the Norwegian Oil Industry Association (OLF), an employer\'s group. Speaking earlier, though, Petroleum and Energy Ministry spokesman Haakon Smith-Isaksen gave no hint of government action. \"As the situation stands now, the lockout will be enforced from midnight (2200 GMT),\" he said. \"The consequence of the lockout is a controlled close-down of all Norwegian petroleum production and exports\" when stocks are exhausted, he said. After falling for three days, prices bounced back Monday as negotiations came to a standstill. In New York the main contract, West Texas Intermediate crude for August delivery, gained $1.54 to $85.99 a barrel. In London trade, Brent North Sea crude for delivery in August surged $2.13 to $100.32 a barrel. The lockout in the world\'s eighth-largest oil exporter and second-largest gas exporter was announced by state oil giant Statoil on Friday in response to the strike launched on June 24 by more than 700 North Sea oil workers. On Monday the unions reiterated their commitment to their pension fight which OLF says is costing the industry tens of millions of euros a day. The lockout will affect all production on Norway\'s continental shelf, where about 50 companies operate including Statoil, BP and Royal Dutch Shell. JPMorgan\'s commodities research arm said that lost production volume could rise from the current 250,000 barrels per day to 1.4 million barrels per day. \"At this point, opinions are divided as to whether the Norwegian government will intervene to avert a possible shutdown,\" it said in a research note. In pointed out that a year ago when a similar volume of Libyan crude was cut from the market, oil prices rose $25 a barrel. \"But because a disruption to Norwegian supplies of this order of magnitude is likely to be short-lived, so far the market reaction has been much more muted.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil prices surge before norway lockout Arab Today, arab today oil prices surge before norway lockout

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil prices surge before norway lockout Arab Today, arab today oil prices surge before norway lockout

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday