Production worries keep oil prices high

[praxiz]

Production worries keep oil prices high

Bad weather in the North Sea and concerns over OPEC production levels kept oil prices relatively high at around USD 46 a barrel on Friday. Some oil installations off Norway remained shut down because of severe storms.

Royal Dutch/Shell was prevented from restarting production of 140,000 barrels a day from the Draugen field in the offshore Norwegian sector. Bad weather has prevented repairs to damaged crude oil loading equipment.

Statoil, meanwhile, has begun to restore 100,000 barrels a day of production at its Snorre and Bigdis oilfields but said it "will take some time" before production can fully resume. The fields have been shut since a gas leak was discovered in late November.

Meanwhile, temperatures are expected to remain well below normal in the northeastern US next week, where heating oil is in demand.

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http://www.aftenposten.no/english/business/article948336.ece>

[RPM]

1. production worries....

I wonder if that means worries about whether there will be any production in 50 years...