Nigerian Oil Production Threatened by Strike (RDS-A, CVX, XOM)
Nigerian workers have been striking against the doubling of gasoline prices in the country since the government eliminated its subsidy on January 1st. Now the country’s 20,000 oil field workers are threatening to join the strike on Sunday unless the…
Nigerian workers have been striking against the doubling of gasoline prices in the country since the government eliminated its subsidy on January 1st. Now the country’s 20,000 oil field workers are threatening to join the strike on Sunday unless the government restores the subsidies. Gasoline now costs about $3.50/gallon in Nigeria, compared with about $1.70/gallon in December.
Large oil producers like Royal Dutch Shell plc (NYSE: RDS-A), Chevron Corp. (NYSE: CVX), and Exxon Mobil Corp. (NYSE: XOM) would all be affected by a work stoppage.
Nigeria produces about 2.4 million barrels/day, much of which is exported to the US, and accounts for abut 80% of the country’s revenue.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.