Libya and Norway support oil prices

Oil prices climbed more than a dollar a barrel yesterday, as the global supply was interrupted by the closure of an oil field by Norway, with hundreds of workers having started trading a strike and Libya announcing a decline of more than half in recent months. Around the world Venezuela's production has collapsed due to lack of investment and Iranian exports are facing difficulties with US sanctions

Brent increased by 1.13 dollar the barrel, or 1.4%, at $ 79.20 a barrel after the price rose 1.2% yesterday. US crude oil futures increased 53 cents, or 0.7%, to $ 74.38. Mitsubishi UFJ said that "growing concerns over supplies could push Brent above $ 85 a barrel."

Hundreds of Norwegian offshore oil and gas platforms started a strike yesterday after rejecting a proposed wage agreement, led to the closure of an oil field operated by Shell.

This may exacerbate the impact of delays in other oil-producing countries in the midst of tensions in the Middle East.

The Libyan National Oil Corporation announced that production of Thousand barrels per day from the level of 1.28 million barrels per day recorded in February, after the closure of oil ports in the past

L & # 39; Saudi Arabia, members of the Organization of Petroleum Exporting Countries (OPEC) and independent allies, including Russia, agreed last month to increase production to reduce price increases and compensate for shortages of production in countries such as Libya. The Center attributed the revision of forecasts to estimates of supply cuts from Libya and Iran due to new production shutdowns and cuts in supply. Iran at a faster pace, waiting for the average price of crude Brent and West He added that "outside the OPEC countries, the price differentials between West Texas and Brent have greatly decreased since the month of May, but will increase further towards the end of the year to $ 7.50 in the fourth quarter ".

In a separate context, the Iraqi Oil Ministry confirmed that Baghdad extended the deadline for foreign companies and investors to bid for the construction project of 100,000 barrels per day in Kut. .

The refinery, located south of Baghdad, is one of many crude oil processing projects, developed by the Ministry of Construction and Housing. Iraq as part of a plan to ensure the self-sufficiency of petroleum products.