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By William Spain CHICAGO (MarketWatch) — The union that represents Nigerian oil workers on Wednesday threatened to shut down the company’s crude production, adding more fuel to a national strike over a recent government move that led to the doubling of previously subsidized gasoline prices, Reuters reports. A spokesperson for PENGASSAN, the biggest oil union, told the wire service that the group will make its decision later in the day. [...] From AP: VIENNA (AP) — Mideast turmoil, a faltering world economy and divisions on whether to raise crude production promise to make this week’s OPEC meeting one of the more volatile in recent history. In the end, the 12-nation group will probably opt to increase output levels to reduce international concerns about the high price of oil. But some influential members are [...] High grade crude for gulf delivery hit the highest price since the spring of 2008 this morning. This is the raw material for gasoline, so look for another big spike at the pump over the next few months. I think that premium gas will be at $5 by July first in many parts of the country. If the trend towards ever higher crude does not turn around soon we are going to hit [...] As recent developments out of Libya have demonstrated, when geopolitics and oil production mix, the resultant product is quite explosive. And as more protests are sure to spread to other countries in the region (with Saudi of course being the key domino whose potential fall would send crude well over $200), below we present a summary atlas of the key production capacities in both [...] |
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