| Nigerian Terrorists Attack a Shell Oil Rig |
|
|
|
| by Tom McGregor | Mon, Jun 29, 2009, 11:21 AM |
|
The Houston Chronicle reports that, "by mid-afternoon in europe, benchmark crude for August delivery was up 64 cents to $69.80 a barrel in electroinc trading on the New York Mercantile Exchange. Earlier in the session, the contract peaked at $70.06. On Friday, it fell $1.07 to settle at $69.16." Precious Okolobo, a Shell spokesman, confirmed the terrorists' attack early Monday on the corporation's facilities and revealed that production had been partially shut down. According to the Chronicle, "the Movement for the Emancipation of the Niger Delta is one of the main militant groups, which have caused significant damage to the oil infrastructure in nigeria, Africa's largest crude exporter." The terrorist organizations want the government to raise the share of oil revenues of the oil-rich, yet otherwise poor states in the nation's south. Olivier Jakob, an analyst of Petromatrix in Switzerland, recently estimated that Nigeria currently produces approximately 1.4 million barrels of oil a day. Before the terrorist attacks began in 2005, Nigeria's output stood at 2.5 million barrels a day. In the meantime, the Paris-based International Energy Agency revised downward its medium-term forecast for demand of global oil, even though analysts believe that the attack had a minimal immediate impact on markets. As reported by the Chronicle, the IEA said demand is likely to grow by an average of 0.6 percent annually over the 2008-2014 period. It would reach 89 million barrels a day by 2014 assuming a return to 5 percent annual economic growth by 2012, the agency said." To read the entire article from the Houston Chronicle, link here: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it 
Bookmark
Email This
Comments (1)
...
written by Dr. Little , June 30, 2009 We can put a big "MADE IN CHINA" tag on this operation; but we also need to understand full well that it would likely NOT be happening if America had real and proper leadership. People need to awaken to the real reality about OBAMA : the guy is an empty suit; and he is the best "gadget" the CHICOM could ever wish for. Write comment
|
|
On Monday, oil prices rose to almost $70 a barrel on news that terrorists in Nigeria attacked an offshore oil platform belonging to Royal Dutch Shell PLC. Also, traders were awaiting a new batch of economic indicators due later this week for signals of improvement in the US economy.
| < Prev | Next > |
|---|
