North Sea Oil Shock Keeps Fire Under Brent Price

BY BENOIT FAUCON AND SARAH KENT - The Wall Street Journal - April 9, 2012

Just when it looked as if Iran's oil shock was starting to be absorbed by the market, a problem in Europe is keeping alight the fire under crude prices.

On March 25, a gas leak forced Total SA, the French oil company, to halt production of 60,000 barrels of oil per day at the Elgin field, about 200 kilometers from the coast of Scotland. The high-profile incident has led to soul-searching that could rein in output in the Continent's largest oil patch.

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