The Federal Government on Friday invited the leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria to a crucial meeting slated for 2pm on Saturday, to avert the planned shutdown of oil production and exports.
PENGASSAN President, Babatunde Ogun, had on Thursday announced that the union had begun the gradual shutdown of oil production across the country. He said this would culminate in a total shutdown of all oil facilities by midnight on Sunday.
PENGASSAN President, Babatunde Ogun, had on Thursday announced that the union had begun the gradual shutdown of oil production across the country. He said this would culminate in a total shutdown of all oil facilities by midnight on Sunday.
The Federal Government and organised Labour are expected to meet at 5pm on Saturday to find a final solution to the public disquiet over the removal of fuel subsidy.
The union’s threat is meant to bolster efforts to force government to revert the pump price of petrol from N141 to N65.
The union’s threat is meant to bolster efforts to force government to revert the pump price of petrol from N141 to N65.
The threat has stirred some measure of disquiet worldwide, as an authoritative American website, slate.com, reported on Thursday that a shutdown would cut down 630,000 barrels of Nigerian crude from the American economy.
Brent crude futures dropped in volatile trade on Friday as the euro fell amid ongoing worries about the euro zone, although the threat of supply disruptions in Nigeria lent some support to prices.
By 1334 GMT, Brent crude futures were 22 cents lower at $111.04 a barrel, reversing earlier gains after hitting an intra day high of $112.50, Reuters reports.
Analysts are eyeing the negotiations between the Nigerian government and oil unions for a compromise after talks came to a standstill, with protests due to continue after the weekend.
“The main risk heading into the weekend is Nigeria, where discussions are ongoing between the government and the unions on the fuel subsidies,” Olivier Jakob from Petromatrix said.
Nigeria produces more than two million barrels of crude oil per day and is a key supplier to the United States, Europe and Asia.
Goldman Sachs oil analysts said in a note on the commodities sector outlook that they view “substantially greater” upside risks to oil “given the stronger fundamentals and recent events surrounding Iran and Nigeria.”
More details later.
you see they worry about our oilgetting to them at peanuts and our stupid govt buying back from them at a luxury price not our sufferings,for them Nigeria is good and democrazy na wao we need a true revolution people let set example wit the ones still alive and the children who got the ill gotten wealth go for them obasanjo and Babaginda and their cohorts still manipulating the system to their selfish interest and causing such huge suffering to 98% of Nigerians
ReplyDeleteAtleast this treat 4rm d PENGASSAN will enhance mr President decision to reverse back to 65k then we will then know how to deal with d cabals nd d corrupt govt,we know them.We will not rest untill we acheive this,we are heading somewhere nd we will get there whn d time comes.
ReplyDeleteGreat Nigerian Students... Aluta continua.