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Current location:HOME>> News>> Industry News>> Influence to oil market if Norway oil and gas workers strike
Influence to oil market if Norway oil and gas workers strike
AUTHOR:admin PUBLISHED:2016-06-30 CLICK:正在读取

Every time speaks of Norway I thought of “Norwegian Wood” written by Haruki Murakami, pretty sad and touching story. While now some stories are happening about the “Norwegian Oil” in reality.

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe’s top producer, if a new wage deal is not agreed before a Friday deadline, trade unions said on Monday.

A final round of mandatory talks will be hosted by a state mediator on June 30 and July 1 in an effort to avoid disruption that could start the following day.

The affected fields account for nearly 18% of Norway’s oil output and a little more than 17 percent of its natural gas, Reuters calculations show. The Industri Energi union said it would take out 524 members if the talks break down, affecting several crucial fields the statoil-operated.

In the first four months of this year, Norway's total crude oil production is about 285,000 barrels per day. Once the strike started, production will be reduced, oil prices will be supported.

The Britain left EU had suppressed the oil priced before, while now the influence is gradually weakening, the concerns about Britain’s demand for oil was also relieved. Goldman Sachs says based on the worst-case scenario, British economic growth could fall by 2%, but the British oil demand might only fall by 1%, and it only accounts for 0.016% of the global demand. These extents of drop are not serious enough to cause severe problem.

Latest data published by American oil service company Baker Hughes showed that by the end of June 24, 2016 U.S. oil active drilling numbers decreased by 7 to 330 for the past week, after the growth 3 weeks in a row it declined again, which is also beneficial for the oil price.

In the end it’s a game of supply and demand, what would the hand of market do to oil price and thousands of oil industry workers? We can only wish for the best and accept the future.

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