Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Brent leads crude prices higher as Norway oil workers prepare to strike

    Brent leads crude prices higher as Norway oil workers prepare to strike

    July 10, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp
    *North Sea Brent crude oil.

    10 July 2018, News Wires — Oil prices rose on Tuesday on escalating concerns about potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway are set to strike later in the day after failed wage talks.

    Brent crude had added 25 cents, or 0.3 percent, to $78.32 per barrel by 0056 GMT, following a 1.2-percent climb on Monday.

    U.S. light crude futures were up by 17 cents, or 0.2 percent, at $74.02. They gained 5 cents to settle at $73.85 a barrel the session before.

    Hundreds of workers on Norwegian oil and gas offshore rigs are due to on 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.

    That potentially adds to disruptions in other oil producing regions amid tensions in the Middle East.

    The United States says it wants to reduce oil exports from Iran, the world’s fifth-biggest producer, to zero by November, which would oblige other big producers to pump more.

    Saudi Arabia, fellow members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed last month to increase output to dampen price gains and offset global production losses in countries including Libya.

    The market has grown concerned that if the Saudis offset the losses from Iran, that will use up global spare capacity and leave markets more vulnerable to further or unexpected production declines.

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

    In Canada, an outage at the 360,000-barrel per day (bpd) Syncrude oil sands facility has reduced flows into Cushing, Oklahoma, the delivery point for U.S. futures.

    Money managers raised their bullish bets on U.S. crude in the week to July 3, the U.S. Commodity Trading Commission said on Monday.

     

    • Reuters

    Related News

    WTO hails Nigeria Customs as continental model for trade facilitation

    NNPC raises alarm over sabotage campaign targeting leadership, reforms

    Heirs Energies, Renaissance Africa Energy collaborate to drive Nigeria’s oil & gas development

    E-book
    Resilience Exhibition

    Latest News

    Stakeholders raise alarm over dangers of marine debris

    June 29, 2025

    Customs seizes N3.6bn illegal export in Owerri 

    June 29, 2025

    WTO hails Nigeria Customs as continental model for trade facilitation

    June 29, 2025

    NNPC raises alarm over sabotage campaign targeting leadership, reforms

    June 29, 2025

    Heirs Energies, Renaissance Africa Energy collaborate to drive Nigeria’s oil & gas development

    June 29, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.