Oil prices rise on ongoing North Sea outage, Nigeria strike
Oil prices rise amid an ongoing North Sea pipeline outage and because a strike by Nigerian oil workers threatened its crude exports. Signs that booming U.S. crude output growth may be slowing also supported crude prices, although the 2018 outlook still points to ample supply despite production cuts led by OPEC. The higher prices came on the back of a strike by Nigerian oil workers and the ongoing North Sea Forties pipeline system outage, which provides crude that underpins the Brent benchmark. North Sea operator Ineos declared force majeure on all oil and gas shipments through its Forties pipeline system last week after cracks were found. In Nigeria, the Petroleum and Natural Gas Senior Staff Association of Nigeria, whose members mainly work in the upstream oil industry, started industrial action on Monday after talks with government agencies ended in deadlock, potentially hitting the country's production and exports. In the United States, energy companies cut rigs drilling for new production for the first time in six weeks, to 747, in the week ended Dec. 15, energy services firm Baker Hughes said on Friday.
Source: Investing
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