BREAKING NEWS

Nigeria oil union to decide on cutting production

By REUTERS

JANUARY 11, 2012 12:47

PORT HARCOURT, Nigeria - Nigeria's biggest oil trade union said it would decide on Wednesday whether to shut down output from Africa's largest oil producer as part of an ongoing protest against the government's removal of popular motor fuel import subsidies.

Nigeria exports over 2 million barrels of crude oil per day and is a key supplier to the US and Europe. Concerns about supply from Africa's most populous nation can move global oil prices .

"We are not on the streets today because by the evening of today the national leadership of the oil workers will announce its decision on when to shut down production as well as export terminals," said Chika Onuegbu, national industrial relations officer of oil union PENGASSAN.

"That will mark the beginning of the next phase of the protest against the removal of fuel subsidy and it will be very disastrous for the country. The only option is for the government to revert to 65 naira per liter and create room for discussion."

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