BNW

 

Biafra Nigeria World News & Archives

 

BNW News and Archives

 

 

BNW: the Authority on BiafraNigeria

BNW Magazine 

Biafra Nigeria World Forums and Message Board

 BNW News Archive

BNW Home

 

BNW Writer's Block

 WaZoBia @ BNW

Biafra Net

 Igbo Net

Africa World and BNW Africa 

Submit Article for Publication

BiafraNigeria Spacer

BiafraNigeria Spacer

 

Flag of Biafra Nigeria

 

BNW News Archives

BNW News Archive 2002-January 2005

BNW News Archive 2005

BNW News Archive 2005 and Later

 

BiafraNigeriaWorld News: Weblogs Edition @ Blog Continent


« Burst dam destroys Nigeria homes | Main | Nigerians divided by Babangida »

October 03, 2006

Oil prices rise after output cuts

Global oil prices rose on Monday after Venezuela and Nigeria said they were cutting production.


The move by the two countries is seen as a means to shore up crude prices which have fallen 20% since late July's highs, due to easing supply concerns.

By late morning in Europe, US light crude had risen seven cents to $62.95 a barrel, while London's Brent crude was up 10 cents to $62.58 a barrel.

Oil producers group Opec said Venezuela and Nigeria were acting on their own.

Although both are members of Opec, the body is sticking to its stance that there are no current plans to reduce overall Opec production.

The 11-strong group presently has an official production ceiling of 28 million barrels per day, which has been in place since July 2005.

Iranian situation

Nigeria and Venezuela are reducing their combined oil production by 170,000 barrels per day.

Back in July, oil prices hit record highs of $78 due to fears of sanctions against Iran over its nuclear plans, and the fighting between Israel and Hezbollah militants in southern Lebanon.

The threat of sanctions against Iran has since receded, and the last Israeli troops have now left Lebanon.

Venezuela is the world's ninth largest oil producer and Nigeria the 12th biggest.


Posted by Publisher at October 3, 2006 01:45 PM

Comments

Post a comment

Thanks for signing in, . Now you can comment. (sign out)

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)


Remember me?





BNW Writers A-M


BNW Writers N-Z

 

BiafraNigeria Banner

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

 

BiafraNigeria Spacer

BiafraNigeria Spacer

 

BNW Forums

 

The Voice of a New Generation