The Punch:: Demand for Nigerian oil rises as Libyan crisis persists - 0 views
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There is growing concern in the United States and Europe that the ongoing Libyan crisis may negatively affect oil prices globally, forcing major oil consumers in Europe and US to look up to Nigeria and other African oil producers to up their production levels
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Specifically, the Saudi Arabia government is said to have assured Western oil interests that Nigeria and Angola oil supplies would take care of whatever loss is recorded in oil supply from Libya.
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What is not clear, according to informed sources, however, is Nigeria’s readiness to close the supply gap.
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"Demand for Nigerian oil rises as Libyan crisis persists." The Punch. N.p., 27 Feb. 2011. Web. 1 Mar. 2011. . 2. SUMMARY: The United States and Europe are starting to become worried that oil prices will rise because of the crisis in Libya. Because of this, they are starting to look to other sources, Nigeria being one of them. Nigeria is not sure if they can supply the oil; Libya is the largest producer in Africa, holding 44 billion barrels of oil reserves. 3. RESPONSE: This may either help or hurt those who work for the oil industries. The oil industries in Nigeria have two choices if they can supply the oil: they can treat their workers better with the extra salaries, or they can splurge with it themselves and continue to oppress the oil workers. 4. QUESTIONS: 1. How do the Nigerian people feel about this change? 2. Will Nigeria be able to provide the oil? 3. Will Nigeria be able to help out its people with this investment?