UBS: Norwegian oil supply disruptions could tighten the North Sea crude oil market

On Monday, Statoil said it had halted production at Johan Sverdrup, the largest oil field in Western Europe, due to an onshore power outage, but there was no clear timetable for a restart. Oil prices rose on the news, following a surge in oil prices affected by the escalation in Russia and Ukraine. UBS analyst Giovanni Staunovo said oil prices were boosted by the news as supply disruptions could tighten the North Sea crude market. Physical supply of North Sea crude supports Brent crude futures.