Crude Oil Prices Rise

Crude oil prices rise on news of a halt of production by the world's seventh largest oil producer
Norway's energy industry ordered a lockout next week that threatens to bring production to a halt in Western Europe's largest oil exporter and the world's number two gas supplier. The lockout was announced after a massive strike by more than 700 North Sea oil workers over pensions. The lockout will mean that 6,515 workers covered by offshore pay agreements will not be permitted to enter their workplaces.

·    At a time when global supplies are already being hit by an embargo on Iranian oil, halting the production of the world’s seventh largest oil exporter has caused the crude oil prices to rise.OLF, the employers’ organization, is speculating that Norway will be seen as an unreliable gas supplier. The threat of a lockout was also prompting speculation that the Norwegian government would step in, noting that the country's US$600 billion sovereign wealth fund was entirely dependent on oil revenue

Lockout threatens to halt Norwegian oil and gas output 
06 July 2012 Channel News Asia
http://www.channelnewsasia.com/stories/afp_world_business/view/1211907/1/.html