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Oil firms in Nigeria cut output | Oil firms in Nigeria cut output |
(about 8 hours later) | |
Industrial action and attacks from militants have forced the two biggest oil companies in Nigeria to cut their production. | Industrial action and attacks from militants have forced the two biggest oil companies in Nigeria to cut their production. |
Exxon Mobil and Royal Dutch Shell are both reducing output, which is helping to keep oil prices near record highs. | Exxon Mobil and Royal Dutch Shell are both reducing output, which is helping to keep oil prices near record highs. |
Militant groups in the Niger Delta have blown up a section of a Shell pipeline, in the fourth such attack in the last seven days. | Militant groups in the Niger Delta have blown up a section of a Shell pipeline, in the fourth such attack in the last seven days. |
And workers at an Exxon Mobil plant began a strike over pay and conditions. | And workers at an Exxon Mobil plant began a strike over pay and conditions. |
The company said production was affected, but would not say by how much. | The company said production was affected, but would not say by how much. |
Volatile markets | Volatile markets |
But as Nigeria is the world's eighth largest oil exporter, it is certain to worry the volatile global oil markets. | But as Nigeria is the world's eighth largest oil exporter, it is certain to worry the volatile global oil markets. |
Our candid advice to the oil majors is that they should not waste their time repairing any lines, as we will continue to sabotage them Militant statement | Our candid advice to the oil majors is that they should not waste their time repairing any lines, as we will continue to sabotage them Militant statement |
The BBC's correspondent in Lagos, Alex Last, says that strikes in the country rarely last very long, but that attacks on the pipelines which criss-cross the forests and creeks of the delta are almost impossible to stop. | |
A faction loyal to the imprisoned militant leader, Henry Okah, has said it is responsible for the latest attacks. | A faction loyal to the imprisoned militant leader, Henry Okah, has said it is responsible for the latest attacks. |
The group is keen to gain attention, as Mr Okah is being tried in secret for treason and gun-running. | The group is keen to gain attention, as Mr Okah is being tried in secret for treason and gun-running. |
The Movement for the Emancipation of the Niger Delta promised further violence. | The Movement for the Emancipation of the Niger Delta promised further violence. |
"Our candid advice to the oil majors is that they should not waste their time repairing any lines, as we will continue to sabotage them", the militants said in a statement. | "Our candid advice to the oil majors is that they should not waste their time repairing any lines, as we will continue to sabotage them", the militants said in a statement. |
Demand is high for Nigeria's oil, which is easily refined. | Demand is high for Nigeria's oil, which is easily refined. |
But production is now running about 25% short of the official capacity of 2.5 million barrels a day. | But production is now running about 25% short of the official capacity of 2.5 million barrels a day. |
Exxon Mobil said it was operating at "partial production" following the industrial action, while Shell said it may not be able to meet its target of shipping 169,000 barrels a day from the country over the next few weeks, after the militants' attacks. | Exxon Mobil said it was operating at "partial production" following the industrial action, while Shell said it may not be able to meet its target of shipping 169,000 barrels a day from the country over the next few weeks, after the militants' attacks. |
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