Strike sends oil to new highs April 28th, 2008
The two day strike at Grangemouth has sent US light crude oil prices up to a high of $119.40, down slightly from its peak of $119.93. The strike at the oil refinery has led to the closure of the Forties pipeline which provides around a third of the UK’s oil output. In turn this has resulted in the loss of production of around 700,000 barrels pe day from 70 platforms.
Whilst the strike may only be for two days ti will take a full day to re-open the pipeline and up to a week before Grangemouth is again operating at full capacity.
