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Oil Updates – Crude Slides on Recession Fear; Algeria’s oil and gas revenues are increasing; Planned strike could reduce Norwegian gas production
RIYADH: Oil prices fell on Monday, paring gains from the previous session, as fears of a global recession weighed on the market even as supply remained tight amid falling oil production OPEC, unrest in Libya and sanctions against Russia.
Brent futures for September fell 36 cents, or 0.3%, to $111.27 a barrel at 0300 GMT, after jumping 2.4% on Friday.
U.S. West Texas Intermediate crude futures for August delivery fell 34 cents, or 0.3%, to $108.09 a barrel, after climbing 2.5% on Friday.
Algeria’s oil and gas revenues up 70% in first five months of 2022
Algeria’s oil and gas revenues increased by 70% and reached $21.5 billion in the first five months of 2022, compared to $12.6 billion in the same period last year, said an official of the public oil and gas producer Sonatrach told the press on Sunday.
Meanwhile, Sonatrach CEO Tewfik Hakkar told reporters on Sunday that the country was negotiating with all of its customers to review gas prices.
Hakkar added that the price revision did not target a single company or a single country.
Strike in Norway could cut gas production by 13% next week
A strike planned for next week by Norwegian energy workers could cut the country’s gas production by 292,000 barrels of oil equivalent per day, or 13% of production, the employers’ group said on Sunday. Norwegian Oil and Gas Association.
Oil production could be cut by 130,000 barrels a day, NOG added, which is about 6.5% of Norwegian output, according to a Reuters calculation.
The strike, in which workers are demanding higher wages to offset rising inflation, comes at a time of high oil and gas prices, with supplies of natural gas to Europe particularly tight after the reduction of Russian exports.
Lederne union members, who make up around 15% of the country’s offshore oil workers, on Thursday rejected a proposed pay deal that had been negotiated by the companies and union leaders.
As a result, they plan to begin a strike on three offshore fields on July 5 and add three more fields the next day unless a solution is found.
A seventh field, Tyrihans, will have to close because its production is processed from the nearby Kristin field, which will close.
The parties discussed, but no progress was made.
(With contributions from Reuters)