Saturday, February 18, 2006

9 Foreign Oil Workers Abducted in Nigeria

China and Iran hope to conclude a multi-billion dollar oil-and-gas deal in coming weeks, with a Chinese delegation of top economic-policy makers planning a trip to Iran possibly next month to help finalize the transaction, the Wall Street Journal said.
Militants launched attacks across Nigeria's troubled delta region Saturday, blowing up oil installations and seizing nine foreigners, including three Americans. The violence cut the West African nation's crude oil exports by 20 percent.
Shell said it had also evacuated an oil platform off its Atlantic coast as a precaution, shutting off an additional 115,000 barrels a day.
More on this developing story here.

20% cut in Nigerian oil production. No additional capacity in global supply. Prices are on the way back up.