UK North Sea Forties oil pipeline pumps at half capacity: source

Flows through Britain’s most important oil pipeline, Forties, have recovered to around half the normal rate, a trading source said on Wednesday, suggesting a steady return to normal operations after a rare unplanned shutdown. The closure since Dec. 11 of the pipeline, which normally pumps about 450,000 barrels per day, and supply disruptions in Libya have helped push oil prices above $67 a barrel, their highest since mid-2015. [O/R] Ineos, the pipeline’s operator, restarted the flow earlier in the week and has pledged to resume full volumes in early January. On Wednesday, Ineos could not immediately comment on current flow rates. “It’s a slow ramp up, but it’s about half the normal rate,” the trade source familiar with the operations said. Forties plays an important role in the global market as it is the biggest of the five North Sea crude streams underpinning Brent, a benchmark […]

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