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Oil up a notch on news of Norwegian oil workers heading for strike

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 10 Jul 2018 08:07 GMT

Oil prices were up a notch on news that Norwegian oil workers were heading for strike over wages and continued oil production decline in Libya

Oil port closures continue in Libya and production is now down to 527,000 barrels per day. I.e. production has more than halved compared to February, where production reached a high of 1.28 mio. barrels. Production has been volatile since conflict and political unrest burst several years ago. According to a statement from chairman of the National Oil Corporation (NOC) "Our production today is 527,000 bpd. Tomorrow it will be less and the day after tomorrow less again..."

At least one Brent crude oil field will be affected as hundreds of Norwegian oil workers could commence a strike later today, adding to the global supply disruptions which are currently supporting oil prices. Venezuela, Libya, Iran (sanctions) and now Brent oil fields. All eyes are now turning to Saudi Arabia, which pledged to raise output to offset the missing barrels and maintain production balance. Some market participants are questioning if the country's spare capacity will suffice. However, Saudi Arabia has increased production by 500,000 barrels last month and is allegedly planning to boost production further this month.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) is published. Consensus is a drop in crude and gasoline stocks, and a small build in distillates. Last week showed a surprise build in crude oil inventories.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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