Reuters
Apr 3, 2006 — By Janet McBride
LONDON (Reuters) – Oil prices nudged back above $67 on Monday with 23 percent of Nigerian output still shut by rebel attacks and no sign of Royal Dutch Shell restarting exports from its vast Forcados oilfield and terminal.
The removal of 550,000 barrels per day of Nigerian oil has coincided with growing demand from refiners in the United States, consumer of 40 percent of the world's gasoline.
“The loss of critical Nigerian barrels just as U.S. refiners are returning from maintenance has established a $60 floor (for U.S. crude) and threatens to re-test the all time high of $70.85,” analysts at PFC Energy wrote in a note.
U.S. crude oil was up 44 cents at $67.05 a barrel at 1040 GMT. London Brent was up $1.20 at $67.11.
Nigerian Minister of State for Petroleum Edmund Daukoru told reporters on Monday the biggest foreign operator Shell would restart its offshore 115,000 bpd EA field in days.
There was no immediate comment from Shell. Nor was there any sign of its more important onshore Forcados oilfield restarting.
Reuters reported on Sunday that Shell was reluctant to send its staff back into the violent southern delta region despite more naval patrols there.
Deutsche Bank noted many analysts expected attacks on Nigeria's oil industry to continue in the run-up to the presidential election early next year.
U.S. oil hit a $70.85 record high last September after hurricanes knocked out a big chunk of Gulf of Mexico refining and oil and gas production.
Analysts say another active U.S. hurricane this year could strain the oil market still further.
IRAN
On Friday Iranian Foreign Minister Manouchehr Mottaki was the latest Iranian official to vow that the world's fourth-largest oil exporter would not use oil as a weapon as it faces a UN Security Council rebuke over its nuclear research.
But the assurance did not entirely calm market nerves.
“No one is willing to assume Iran will never use oil as a bargaining chip,” said Tobin Gorey, commodity analyst at Commonwealth Bank of Australia.
News and information on Shell Plc
John Donovan’s ebooks
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
SHELL OFFICIAL ENDORSEMENT OF THIS WEBSITE
Critic’s corner
30 November 2023: Posted by John Donovan
The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.
Extremely slow broadband for 10 months, not fixed. I have had slow broadband well below the guaranteed speed for 10 months and Shell Energy have not been able to fix it. They have tried sending about 4 or 5 engineers but have not fixed the problem. Gurps, who I have been dealing with most recently, has been friendly and polite, alth… Read more
OVER 500 EXTERNAL PUBLICATIONS CITING OUR SHELL WEBSITES
See our link list of over 500 articles by the FT, Wall Street Journal, Reuters, Bloomberg, Forbes, Dow Jones Newswires, New York Times, CNBC etc, plus UK House of Commons Select Committee Hansard records, information on U.S. Securities & Exchange Commission website etc. all containing references to our Shell focussed websites, or our website founders Alfred and John Donovan. Includes TV documentary features in English and German, newspaper and magazine articles, radio interviews, newsletters etc. Plus academic papers, Stratfor intelligence reports and UK, U.S. and Australian state/parliamentary publications, also citing our Shell websites. Click on this link to see the entire list, all in date order with a link to an index of over 100 books also containing references to our non-profit websites and/or our activities.
John Donovan, the website owner
DISCLAIMER
This is not a Shell website. That fact should be abundantly plain from the overall content of this home page and our sister Shell focussed websites, including shellnazihistory.com. Click on the Disclaimer link at top of this page for more information. You Can Be Sure Shell does not endorse or approve of this website. There are no subscription charges nor do we solicit or accept donations. No advertising is accepted. It is an entirely free to use non-commercial website drawing attention to the negative side of Shell. The Shell logo image with the white text used on this website, as per the above example, is in the public domain because its copyright has expired and its author is anonymous. It can be found here on WIKIMEDIA COMMONS. Use this link for Shell’s own website.
SHELL PROPPED UP APARTHEID
ARTICLE: U.S. unions urge boycott of Shell to fight apartheid: 19 Jan 1986
ARTICLE: Shell, South Africa and Apartheid: 16 Oct 2012
ARTICLE: Shell propped up racist apartheid regime in South Africa: 24 Nov 2012
ARTICLE: The Neptune Strategy:Shell, propped up Apartheid in South Africa: 26 Nov 2012
ARTICLE: Shell accused of benefiting from South African apartheid-era land law: 21 March 2013
ARTICLE: THE CAMPAIGN TO END APARTHEID: 12 Dec 2013
RELEVANT PAGES FROM "A HISTORY OF ROYAL DUTCH SHELL, VOLUME 3, PUBLISHED IN 2007. PREPARED BY SHELL'S PAID HISTORIANS. DEALS WITH SHELL'S SUPPORT FOR APARTHEID
SHELL TOXIC BRANDS
Comment Rules
- Please show respect to the opinions of others no matter how seemingly far-fetched.
- Abusive, foul language, and/or divisive comments may be deleted without notice.
- Each blog member is allowed limited comments, as displayed above the comment box.
- Comments must be limited to the number of words displayed above the comment box.
- Please limit one comment after any comment posted per post.