Less oil, higher prices
Armed youths blew up a Nigerian crude oil pipeline operated by U.S. major Chevron, a militant group said on Saturday, cutting more output from the world’s eighth largest oil exporter.
The Movement for the Emancipation of the Niger Delta (MEND) said it was contacted by youths claiming responsibility for Thursday’s attack on Chevron’s Abiteye-Olero crude pipeline and commended their action.
The military said about 120,000 barrels per day of crude oil production were shut by the sabotage.
Violence in the Niger Delta stems from a complex set of factors including poverty, lack of basic services, corruption among government officials and security forces, resentment toward foreign oil companies, and political thuggery.
Yar’Adua came into power just over a year ago promising to bring more security to the Niger Delta region, but the peace process has stalled.