Oil prices are now at a 9 month high. Optimism that the Greek debt crisis can be resolved, and tensions from Iran over the amount of crude it will make available are believed to be behind this latest price increase.

European oil companies are reported to have reduced their oil imports from Iran by 300,000 barrels per day, increasing interest in alternative oil producers and types.

Brent North Sea crude due for April 2012 delivery hit US$120 per barrel and West Texas Intermediate light sweet crude for March 2012 delivery hit US$119 per barrel.

Here at OSV we only see the price of oil going up, partly due to the increasing production costs. We will continue to support our customers by developing innovative products with a high ROI.