Oil rises above $79 a barrel on Norway strike, Libyan disruption

11 Juillet, 2018, 05:36 | Auteur: Auguste Feret
  • Union minister of Petroleum and Natural Gas Dharmendra Pradhan did not offer a specific comment on whether India would reduce its dependence in the backdrop of US indications that sanctions would not apply to such countries

While the USA futures contract is only edging higher, the Brent futures contract is surging due to rising supply concerns fueled by a potential wildcat strike by hundreds of oil workers in Norway.

Libya's national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation (NOC) said on Monday.

An oil pump jack is seen at sunset near Midland, Texas, U.S., May 3, 2017. US light crude futures were up 53 cents, or 0.7 percent, at $74.38.

The U.S., Saudi Arabia and Russian Federation all fear the start of a potential global economic slowdown if price rise too high.

"That basically took the wind out of the sails from the market", said Phil Flynn, analyst at Price Futures Group in Chicago. But it all depends on which countries they're talking about. "Is it India?. Is it temporary waivers?"

The U.S.is now pushing to reduce oil exports from Iran to zero.

Mounting supply concerns could push Brent above $85 per barrel, MUFG Bank said in a note.

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According to reports, hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move which will likely affect the production of at least one field, Shell's Knarr.

"Working in the opposite direction of the Norwegian oil workers strike and the geopolitical situation" was the update on the Syncrude oil sands facility, said Yawger at Mizuho.

On Monday, Suncor Energy said its 360,000 bpd Syncrude facility would resume some production in July, earlier than expected, following an outage last month that disrupted total output.

The updated timeline has muted USA price gains and widened the difference between the two benchmarks, said Yawger. The updated restart has muted USA crude's gains and helped widen the difference between the two benchmarks, said Yawger.

Oil prices have gained for most of 2018 on tightening supply and strong demand but investors fear a decision by the Organization of the Petroleum Exporting Countries to increase production may dampen price gains and offset production losses in countries including Libya.

But the market has grown concerned that if Saudi Arabia offsets Iranian losses, it will use up global spare capacity and leave markets vulnerable to further or unexpected production declines.

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