Nigerian Militants Blow up Oil Pipeline

Discussion in 'Commodity Futures' started by PaulRon, Jun 21, 2008.

  1. PaulRon


    Militants blow up oil pipeline

    From correspondents in Lagos

    June 21, 2008 11:07pm
    Article from: Agence France-Presse

    NIGERIAN militants have blown up a key oil supply pipeline operated by US oil group Chevron, slashing output by 120,000 barrels per day, military and industry sources say.

    "The attack took place yesterday (Friday) near Escravos. The supply pipeline was blown up. The company has shut down operation in the area," Brigadier-General Wuyep Rimtip said.

    Industry sources said Chevron had declared a force majeure, halting 120,000 barrels per day output as a result of the attack.
  2. ggoyal


    get ready
  3. ?.......a huge "outside-down" day on this coming Monday's chart? We'll see. :cool:
  4. I read some interviews with some petroleum engineers ... they said they're never going back to Nigeria.

    I liked the fundamentals presented by the guy from BNP Paribas on CNNI - wednesday I think it was. We're surely in for even lower USD and higher oil prices. This moves a lot of capital out of the US and on the hands of other consumers - which again spurs growth further.
  5. Gotta love the international politically correct media. Anti free speech pricks they are.

    Whenever you read code words like “militant” or “rebel” make sure you substitute the crap for the ACTUAL proper noun: Islamofascists.
  6. jem


    that is a great point. It kind of slipped by me when I was reading militant.
  7. That's the whole idea bro. The media wouldn't want you making rash criticisms based on something prejudicial like Jihad.

    So rather than report all the facts they intentionally omit information so that our inferior pea brains won't rush to snap judgments. After all few of us possess the keen sense of experience and intelligence possessed by a 26 year old writer with a degree in journalism.
  8. jem


    now I am getting pissed that I am unlikely to get rich enough to buy a media outlet and fight the manipulation of facts and data.
  9. OK let me see the Saudi's say they are going to pump an extra 200,000 barrels a day more in July. The militants bomb pipeline reducing supply by 120,000 barrels a day. Now the the Libyan's says it is going to cut oil production due to over supply.

    It is starting to look like oil production is one step forward and two steps backward every week. Not too mention peak oil!

    Saudi to Raise Oil Output 2% in July, Al-Naimi Says (Update1)

    By Ayesha Daya and Maher Chmaytelli

    June 21 (Bloomberg) -- Saudi Arabia, which convenes a meeting of government and business leaders tomorrow to discuss world energy markets, will raise its oil output by 2 percent in July, the country's oil minister said.

    The kingdom will add 200,000 barrels of oil to its daily production next month, taking its total to 9.7 million barrels a day, Ali al-Naimi told reporters in Jeddah, Saudi Arabia today.

    Libya Says It May Cut Oil Output to Prevent Market Over-Supply

    By Ayesha Daya

    June 21 (Bloomberg) -- Libya may reduce its oil production because there is more than enough supply in the market, Oil Minister Shokri Ghanem said.

    ``We may have to cut production,'' Ghanem said today on arrival in Jeddah, where Saudi Arabia has convened a special summit of producing and consuming nations to address record oil prices. The kingdom has decided to raise its oil output to meet what it says is additional customer demand.

    ``We don't see any need for more oil. There is plenty of oil in the market,'' Ghanem said, commenting on Saudi Arabia's decision.