NEW YORK — Oil markets breathed a sigh of relief Monday as the Norwegian government ordered a settlement in a labor dispute that could have forced the industry to prepare for a historic shutdown in the North Sea.
Norway’s oil fields, which produce more than 3.8 million barrels of oil and natural gas per day, had faced a potential shutdown if the industry didn’t resolve a dispute over employee retirement benefits.
Any production stoppage would have seriously crimped European oil supplies, cutting off a major source of crude as the European Union officially begins an embargo of Iranian oil.
Before the back-to-work order came, benchmark U.S. crude rose $1.54 to end the day at $85.99 per barrel in New York. Brent crude, which comes from the North Sea and sets the price for oil imported into the U.S., added $2.13 to finish at $100.32 per barrel in London.
Paper company to give grant money
International Paper’s Augusta mill is accepting applications for $50,000 in grants to nonprofits and schools across the area.
The International Paper Foundation is looking for organizations working to further environmental education and literacy. IP also has a category for its employees to nominate organizations in which they are involved.
The foundation makes grants to nonprofit charitable organizations classified under Section 501(c)(3) of the IRS code.
Certain municipal, county, state and federal entities, such as school districts and fire departments, also are eligible.
Applicants must account for every dollar of applied funding. The deadline for applications is Aug. 31. For more information, visit www.ipgiving.com.