Militants hold Nigeria oil base

[bananas]

http://news.bbc.co.uk/2/hi/africa/6764565.stm

Last Updated: Monday, 18 June 2007, 16:51 GMT 17:51 UK

Militants hold Nigeria oil base

Southern militants are fighting to retain oil wealth in their region

Militants in Nigeria's oil-rich Delta region are occupying an oil station, along with about 28 people - including some soldiers.

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The occupation comes as freed militant leader Mujahid Dokubo-Asari urged his followers not to take hostages.

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At a news conference on his return to the oil capital, Port Harcourt, Mr Dokubo-Asari said he would try to end hostage-taking.

"We are fighting injustice, we should not do injustice to other people," he said.

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[bananas]

1. Nigeria: Gunmen Occupy Oil Installation

http://www.chron.com/disp/story.mpl/ap/fn/4898273.html

June 18, 2007, 8:08AM
Nigeria: Gunmen Occupy Oil Installation

By EDWARD HARRIS Associated Press Writer
© 2007 The Associated Press

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The grievances of the gunmen weren't known. Troops clashed last week with gunmen in the area, leaving several fighters dead.

Nearly two years of spiraling violence in the oil-producing southern Niger Delta have cut Nigeria's crude output by about one quarter, sending oil prices higher in overseas markets.

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The militants are pressing for more government-controlled oil-industry funds for their region, which remains desperately poor despite its vast natural bounty.

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Nigeria is Africa's biggest oil producer and one of the top overseas suppliers to the United States.

[phantom power]

2. I wonder what Mr Dokubo-Asari is willing to do to retain his oil wealth.

Because he must realize that our government is willing to invade his country and kill him and his followers to take their oil wealth.

[Eugene]

3. Oil jumps above $72 a barrel - Reuters

Source: Reuters

Oil jumps above $72 a barrel
Mon Jun 18, 2007 3:41PM EDT

NEW YORK (Reuters) - Oil surged above $72 a barrel on Monday
to a 10-month high as a general strike loomed in Nigeria and
attacks on oil installations cut more supply from the world's
eighth largest exporter.

Low U.S. gasoline inventories at a time of peak summer demand
also is boosting the market, analysts said, along with a possible
oil workers' strike in Brazil next month and OPEC's reluctance
to boost oil output.

"Gasoline will be supportive all summer," said Mike Wittner of
investment bank Calyon. "There's really no bearish factors to
pull the market down."

London Brent (LCOc1) crude for August, seen as more
representative of global prices, settled up 71 cents to $72.18 a
barrel, the highest level since August 28.

-snip-

Read more: http://www.reuters.com/article/hotStocksNews/idUSSP20747420070618