Oil hit a new record high of $139.89 yesterday but has since fallen back slightly on news that Saudi Arabia will increase output and considers the prices “abnormally high”.
On Sunday, oil production from Norway (see below) was disrupted by a fire on a North Sea Rig. In addition the US $ fell in value against other major currencies which makes commodities, including oil, more attractive to investors. IATA monitoring More stories on the effect of oil price on the airline industry
From Aftonposten : More than 300 workers on the Oseberg rig were ready to evacuate in lifeboats after the fire alarm went off Sunday. The fire broke out in an electrical unit and spewed a lot of smoke. The cause of the fire wasn’t immediately clear, nor was it clear when production from the Oseberg A field would resume. “The situation at Oseberg is now normal, apart from the lack of production,” said spokesman Lar Gunnar Dahle in StatoilHydro.
IATA has an interesting page on its website which monitors the price of Jet fuel.
The update from 6th June shows that Jet fuel is over 92% more expensive than a year ago.
No related posts.
