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Oil Updates — Crude slips on recession fear; Algeria’s oil, gas earnings climb; Planned strike could cut Norwegian gas output

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 remains tight amid lower OPEC output, unrest in Libya and sanctions on Russia.

Brent crude futures for September slipped 36 cents, or 0.3 percent, to $111.27 a barrel at 0300 GMT, having jumped 2.4 percent on Friday.

US West Texas Intermediate crude futures for August delivery dropped 34 cents, or 0.3 percent, to $108.09 a barrel, after climbing 2.5 percent on Friday.

Algeria’s oil, gas earnings up 70 percent in first five months of 2022

Algeria’s oil and gas earnings are up 70 percent and have reached $21.5 billion in the five first months of 2022, compared to $12.6 billion in the same period last year, an executive at state oil and gas producer Sonatrach told reporters on Sunday.

Meanwhile, Sonatrach’s CEO, Tewfik Hakkar told reporters on Sunday that the country is negotiating with all its clients to review gas prices. 

Hakkar added that the review of the prices is not targeting a single company or country.

Norway strike could cut gas output by 13 percent next week

A planned strike next week by Norwegian energy sector workers could cut the country’s gas output by 292,000 barrels of oil equivalent per day, or 13 percent of output, employers’ group the Norwegian Oil and Gas Association said on Sunday.

Oil output could be cut by 130,000 barrels per day, NOG added, corresponding to around 6.5 percent of Norway’s production, according to a Reuters calculation.

The strike, in which workers are demanding wage hikes to compensate for rising inflation, comes at a time of high oil and gas prices, with supplies of natural gas to Europe particularly tight after Russian export cutbacks.

Members of the Lederne labor union, who make up around 15 percent of the country’s offshore petroleum workers, on Thursday voted down a proposed wage agreement that had been negotiated by companies and union leaders.

As a result, they plan to begin a strike at three offshore fields on July 5, and to add three more fields the following day unless a solution is found.

A seventh field, Tyrihans, will have to shut down because its output is processed from the nearby Kristin field, which will shut down.

The parties have been talking, but no progress has been made.

(With inputs from Reuters)

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