10-07-2018 12:15 PM
Oil prices climbed on Tuesday morning as plenty of oil workers in Norway were positioned to strike later in the day, increasing worries of likely supply scarcity.
Analysts said the strike would likely affect the output of at least one field, Shell’s Knarr, and could probably lead to interruption in other oil producers.
Crude Oil prices were trading at $74.30 at the time of preparing this report.
United Arab Emirates Energy Minister Suhail Al Mazrouei said the OPEC and its allies are “doing what they could” to balance crude production deficit.
Trump blamed OPEC the previous weeks of driving oil prices higher and supported Saudi Arabia to raise supply to pay compensation for lower exports from Iran.
Al Mazrouei, who’s also serving as president of OPEC, said - There are things outside of our hand, the geopolitics as well as how much production is coming from the shale oil and Canadian sands.”
He also added “OPEC alone cannot be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June.”
Oil prices weighed heavily in the last session as Canada's Syncrude operations are about to continue activity.