TITLE

Shell Suffering

PUB. DATE
May 2004
SOURCE
West & Central Africa Monitor;May2004, Vol. 5 Issue 5, p2
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
Oil market bullishness is set to continue, owing to OPEC's cut in supply from Q204. Despite the higher-than-expected prices in Q104, with the US buyers paying US$36/b in March, the cartel feared that prices could be depressed by the seasonal dip in demand in Q2. To pre-empt this, it has officially reduced its total output quota by 1mn b/d from April 2004. The key oil firm now plans major cuts in its workforce, which oil workers' unions interpret as a protest against the government's changing oil policy. Both the Nigerian Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria have written to the president, expressing concerns that workers risk becoming the scapegoats as a reaction of the oil companies to the federal government policy.
ACCESSION #
12908267

 

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