Mid-East tensions pull Brent crude oil price below $70-barrel

Brent crude oil prices slipped off a six-week high of $70-barrel yesterday amidst tensions between Iran and Saudi Arabia that raised concern about Middle East supplies, which are already restricted by an OPEC-led supply deal.

The deal to cut output by the Saudi-dominated Organisation of Petroleum Exporting Countries and Russia – which began last year – is due to end at in Dec 2018.

Meanwhile, two Greenpeace activists yesterday boarded a rig that was due to sail to the Arctic to drill prospects on behalf of Norwegian oil firm Statoil (pictured above).

The action took place at the Skipavik yard on Norway’s west coast, where the Hercules West drilling platform was being prepared for the upcoming work.

In January, Greenpeace lost a lawsuit against the Norwegian government over continued oil exploration in the Arctic.

23 Mar 2018

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