Friday, January 13, 2006

Nigerian oil woes: Attacks on producers

Shell Oil reports that it is reducing production up to 20% from Nigeria as set out here. because of kidnappings and attacks on pipelines:
Shell has cut its Nigeria oil output by 20% after a pipeline explosion and the kidnapping of four foreign oil workers.
It is losing 226,000 barrels a day after shutting its EA platform in the southern Delta region and closing the pipeline feeding an export terminal.

Royal Dutch Shell shares fell by 0.9%, or 16p, to £18.35 in morning trading.

The disruption helped push oil prices to new three-month highs on Thursday, but prices have since fallen back, with Brent crude trading at $62.50 a barrel.

Diplomats say the hostages seized from Shell's EA platform came from the UK, the US, Honduras and Bulgaria.

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