Nigeria Attacks Trigger New Highs for Oil

Saturday, November 22nd, 2008

Apr 22nd, 2008 | By Contrarian Profits | Category: Featured, Financial News, Oil Investment & Alternative Energy

Royal Dutch Shell Plc said a militant attack on a pipeline has cut as much as 169,000 barrels a day of Nigeria’s Bonny Light crude production as rebels claimed responsibility for two more strikes today.

Crude futures contracts in New York have hit fresh highs of $117+ a barrel on the news of the attacks. Crude oil prices climbed to a new record after Shell said exports would be cut — the highest since futures started in 1983.

“The people of the Delta have a point,” says commodities expert Garry White. “It appears that they are not benefiting at all from Nigeria’s oil wealth (although bombs are not the way to reverse that situation in my mind).

“However, it is not my job to moralize on this situation; I’m here to look at facts.

“With global supply so tight, any supply disruptions will send oil traders into a tizzy … This is yet another bullish factor for the oil price.”

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