Nigeria to restore oil production loss
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Nigeria is working to soon restore losses in oil production because of militant attacks on some pipelines, the country's finance minister said Tuesday.
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Oil prices eased on Monday after  rebels in Nigeria withdrew a threat to target oil operations,  but lingering concerns over stretched supplies ahead of winter  kept prices close to $50 a barrel.
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Several key OPEC producers including  Saudi Arabia, Kuwait and Nigeria have agreed to trim oil supply  from October 1 under an unofficial deal to stem falling prices,  a Nigerian oil industry source said on Thursday.
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Crude oil futures rose above $50 a barrel in New York on concern rebel attacks in Nigeria may reduce production while US inventories are near a 29-year low because of disruptions caused by Hurricane Ivan.
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Nigeria's top energy adviser says oil extraction partnerships with foreign firms should be reviewed.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as members enforce their decision to lower output, ministers said.
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OPEC ministers have agreed to cut back crude oil production by 1 million barrels a day in an effort to halt a decline in oil prices.
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Crude oil, which closed above $50 a barrel for the first time in New York on Friday, fell as concerns eased that Nigerian rebels may disrupt exports from Africa&#39;s biggest oil producer.
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Crude oil output from the Forcados export terminal in southern Nigeria is back up to "between 150,000 and 200,000 barrels per day" after a pipeline repair, Royal Dutch Shell said Tuesday.
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OPEC President Edmund Daukoru said  Nigeria decided to cut oil exports this month because the world  market was slightly oversupplied and said he hoped other OPEC  members would follow suit.
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CARACAS -- The Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's oil, will address possible oil output reductions when members meet in Nigeria Dec. 14, Rafael Ramirez, Venezuela's oil and energy minister, said yesterday.
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The Chevron Corporation said it had restored normal production levels at its Pennington oil fields in Nigeria after a militant attack forced the company to cut output earlier this month. Chevron shut off 15,000 barrels a day on May 1 from its offshore Funiwa oil field, which is connected to the Pennington export terminal, after the kidnapping of foreign oil workers by militants.
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Royal Dutch/Shell Group of Cos.'s Nigerian subsidiary hopes to restart operations quickly at all oil platforms where output was cut off after demonstrations last month, a spokesman for the company said Friday.
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NIGERIAâS senate is reportedly to ask a Shell division to pay $1.5 billion (Â£835 million) compensation to oilfield communities for environmental damage.
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OPEC President Edmund Daukoru said Nigeria decided to cut oil exports this month because the world market was slightly oversupplied and said he hoped other OPEC members would follow suit.
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One of two oil tankers that went missing laden with crude oil has been found, says the Nigerian navy.
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Oil prices dropped from record highs  above $50 a barrel on Wednesday as the U.S. government reported  a surprise increase in crude stocks and rebels in Nigeria's  oil-rich delta region agreed a cease-fire.