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UK's Forties North Sea oil pipeline due to restart in early January

Staff Writer |
Britain's Forties oil and gas pipeline, one of the biggest in the North Sea, should be repaired around Christmas, its operator Ineos said on Thursday, the earlier end of a timeframe the company gave to carry out the work.

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The announcement pushed oil prices lower. Forties plays an important role in the global market as it is the biggest of the five North Sea crudes underpinning Brent, a benchmark for oil trading in Europe, the Middle East, Africa and Asia.

The system, which carries about 450,000 barrels per day of crude to Britain, along with a third of the Britain's total offshore natural gas output, was shut after a crack was found.

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