Unions hold fire on Norway strike

Output crippled: by strike off Norway

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Steve Marshall ,

News Wires

 29 June 2012 13:42 GMT

Norwegian unions agreed on Friday not to escalate strike action on offshore platforms as they raised the estimate for the production cut resulting from the stoppage.

The nearly week-long strike has so far taken five producing fields out of action, as well as hitting onshore facilities, with the Industri Energi union now estimating the oil output loss at 290,000 barrels per day – nearly a fifth of Norway’s capacity - versus an earlier Statoil figure of between 230,000 and 250,000 bpd.

The prolonged disruption to oil output from the world's eighth largest exporter, which produces  about 1.6 million barrels per day, pushed crude prices up on Friday with Brent crude futures rising $3 to $94.36 a barrel.

In addition, Norwegian gas production is estimated to have been cut…

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