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Oil updates – Crude oil slides due to recession fears; Algeria oil, gas revenues climb; Planned strike could cut Norwegian gas production
RIYADH: Oil prices fell on Monday, reflecting gains from the previous session, as fears of a global recession weighed on the market, although supply remains tight amid lower OPEC production, unrest in Libya and sanctions against Russia.
Brent oil futures for September fell 36 cents, or 0.3 percent, to $ 111.27 a barrel at 0300 GMT, after jumping 2.4 percent on Friday.
US West Texas Intermediate crude futures for delivery in August fell 34 cents, or 0.3 percent, to $ 108.09 a barrel, after climbing 2.5 percent on Friday.
Algeria’s oil and gas revenues up 70 percent during the first five months of 2022
Algeria’s oil and gas revenues are up 70 percent and have reached $ 21.5 billion in the first five months of 2022, compared to $ 12.6 billion in the same period last year, a head of state oil and gas producer Sonatrach told journalists Sunday.
Meanwhile, Sonatrach’s CEO, Tewfik Hakkar, told reporters on Sunday that the country is negotiating with all its customers to assess gas prices.
Hakkar added that the review of the prices is not aimed at a single company or country.
Norway’s strike could cut gas production by 13 percent next week
A planned strike next week by workers in the Norwegian energy sector could cut the country’s gas production by 292,000 barrels of oil equivalents per day, or 13 percent of production, the employers’ group Norwegian Oil and Gas Association said on Sunday.
Oil production can be cut by 130,000 barrels per day, NOG added, corresponding to around 6.5 percent of Norway’s production, according to a calculation from Reuters.
The strike, in which workers are demanding wage increases to compensate for rising inflation, comes at a time of high oil and gas prices, with supplies of natural gas to Europe particularly tight following Russian export cuts.
Members of the trade union Lederne, which makes up around 15 per cent of the country’s petroleum workers at sea, on Thursday voted down a proposed wage agreement that had been negotiated by companies and trade union leaders.
As a result, they plan to start a strike at three offshore fields on July 5, and add three fields to the next day unless a solution is found.
A seventh field, Tyrihans, must be closed because production is being processed from the nearby Kristin field, which will close.
The parties have spoken together, but no progress has been made.
(With input from Reuters)
