• Wednesday, February 21, 2024
businessday logo


Shell says Nigeria’s oil union strike not affecting exports

nnpc-tankerA strike by Nigeria’s oil unions is not having any immediate impact on crude oil exports from Africa’s top exporter, despite moving into a third day, spokesmen for leading operator Shell and Nigeria LNG said.

Nigerian oil unions say the strike could affect exports if no agreement is reached with the government.

The spokesman for NLNG, the gas exporter which is run jointly by Shell and the government, said he did not foresee any impact from the strike, which began on Tuesday. The dispute is over pensions and a lack of crude supplied to refineries.

Also indicating that the strike has yet to have any impact, the Qua Iboe BFO-QUA grade of crude oil for November export came to market on Thursday, on schedule.

Oil traded slightly lower below $99 a barrel, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar.

The employees on strike work for the state-owned oil firm the Nigeria National Petroleum Corporation (NNPC), not the international oil majors, which operate the oil blocks and export terminals.