Related Articles
Forward article link
Share PDF with colleagues

Nigeria’s energy unions cry wolf as markets dismiss threat

The energy market has grown increasingly dismissive of Nigeria’s oil and gas unions and their seemingly empty threats to shut in the county’s energy exports

At the end of last week, the white-collar Petroleum and Natural Gas Senior Staff Association of Nigeria (Pengassan) and the blue-collar Nigeria Union of Petroleum and Natural Gas Workers (Nupeng) threatened to join a general strike called in response to the federal government’s decision to scrap fuel subsidies. Pengassan claimed that, had it carried out its threat, it would have cut 2.3 million barrels a day (b/d) of crude exports. With Bonny Light crude trading at $115 a barrel, the shut in would have seen Nigeria’s federal government lose about $264.5 million a day of oil revenue. A country-wide production shut-in would also have cut gas output and liquefied natural gas (LNG) exports. Nig

Also in this section
Serica sanguine on Iran sanctions
13 July 2018
The firm's historic links to Iran are in the spotlight as US sanctions resume
The return of cautious optimism in the North Sea
13 July 2018
The UK’s North Sea hub, braced for production declines, has received a boost from new investments and revived interest from the supermajors
China loans make Venezuela’s outlook more precarious
12 July 2018
Patience is wearing thin among both China and other trading partners