Nigeria: Oil Price Hits U.S.$115 Over Subsidy Crisis

13 January 2012

A threat by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to shut down crude oil production this weekend in protest against the removal of fuel subsidy has pushed crude oil price up more than $2 to trade at $114.70 Thursday.

The industrial action by the organised labour and other civil society coalitions has not affected crude oil production but the threat by PENGASSAN and the increasing tension was enough to send panic to the international oil market as the country ships about 2.1 million barrels of crude oil per day and is a key supplier to the United States and Europe.

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