Environmental damage low
North Sea pipeline leaks push up oil price
The oil price has risen to its highest level in 2,5 years this week. The rising oil price is due to hairline cracks in the Forties pipeline in the North Sea.
Oil, which is extracted in the North Sea, goes via this pipeline to oil refineries in Scotland. Ineos, the owner of this pipeline, thinks it will take weeks to repair the pipeline. Despite the leak, little oil has flowed into the North Sea, Ineos claims. The Forties pipeline is considered one of the most important in the North Sea.
Unrest in Opec cartel
The price for Brent closed Tuesday, December 12 at $64 a barrel, the highest level since June 2015. The North Sea leak was the driving force. The oil price is also currently affected by alleged turmoil in the oil cartel Opec. The United Arab Emirates' energy minister is said to review the deal in June. Kuwait also wants to end production-limiting measures before 2019.
The oil price is rising due to a broken pipeline in the North Sea.
Wouter Job
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