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Oil Prices: Rebels, gunfire in the Gulf and labor strikes

Posted April 28, 2008

“The Forties Pipeline System, a major transportation network that pumps about 600,00 barrels per day (bpd) from more than 50 fields situated throughout the region, was forced to close due to a labor strike at a key Scottish refinery.” — Jason Simpkins

by Jason Simpkins

Baltimore – (TFN): An outpouring of political tension around the globe raised concerns about oil supply, pushing oil prices up as much as $3.15 a barrel Friday, close to its all-time peak of $119.90 a barrel set last Tuesday.

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In the North Sea, the Forties Pipeline System, a major transportation network that pumps about 600,00 barrels per day (bpd) from more than 50 fields situated throughout the region, was forced to close due to a labor strike at a key Scottish refinery. Ineos Group Holdings PLC was unable to resolve a pension dispute with union officials at its Grangemouth refinery, which supplies steam power to the pipeline.

The shut down “has a profound impact on both crude and product balances,” Thomas Stenvoll, an energy strategist at UBS AG (UBS: NYSE), told Bloomberg News. Read on to learn why rebel bombings and Iranian speedboats in the Gulf are causing oil prices to rise.

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