Nigerian oil cut due to oversupply: Daukoru
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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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The president of OPEC said yesterday that oil prices are too high to allow a cut in output when it meets this weekend.
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LAGOS, 15 November (IRIN) - Nigeria&#39;s powerful trade unions on Monday called off a general strike planned for the next day after the government, in an eleventh-hour move, offered an almost 10-percent cut in the price of domestic fuels.
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NIGERIAN workers would disrupt their country&#39;s key oil exports of 2.5 million barrels per day with an indefinite general strike from November 16, the country&#39;s top labour leader warned today.
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The Nigerian government agreed to cut  gasoline pump prices by 8 percent on Monday and called on  unions to call off an indefinite general strike over fuel due  to start on Tuesday, a top lawmaker said.
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Oil prices plunged by more than $2 a barrel yesterday on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.
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Nigeria's government cuts the price of fuel in a bid to avert a planned general strike by the country's biggest unions.
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Opec members call for a cut in rampant over-production as prices oil prices plummet amid warmer US weather.
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Nigerian unions on Monday suspended a general strike due to start on Tuesday after the government agreed to reduce domestic fuel prices, a union leader said.
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Oil prices pierced the $50-a-barrel mark again today amid concern over possible conflict in Nigeria's oil-producing delta region.
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Oil prices fell on Monday after a Nigerian oil union strike that had threatened to further curtail shipments was suspended at the weekend, although the start of the U.S. summer driving season limited losses.
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The Nigerian government has suspended until 2007 the sale of 60 crude oil blocs, initially anticipated by the end of this year, an official from the Department of Petroleum Resources (DPR) said.
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Nigeria Unions Declare Royal Dutch/Shell an &#39;Enemy,&#39; Say Nov. 16 Strike Will Target Oil Exports. President of the Nigerian Labor Congress (NLC) Adams Oshiomhole speaks to journalist in Lagos, Nigeria, Sunday, Oct. 31, 2004.
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OPEC oil producers have said they will rein in oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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Lagos - Nigerian workers will disrupt their country&#39;s key oil exports of 2.5 million barrels per day when they launch an indefinite general strike on November 16, the country&#39;s top labour leader warned on Sunday.
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By Peg Mackey and Francois Murphy CAIRO  - OPEC oil producers said on Thursday that Friday's ministerial meeting would focus on halting oversupply to bolster falling prices and that the cartel would have to reduce output quotas early next year.
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Crude oil futures fell after a cease- fire held in Nigeria, lessening concerns that rebel fighting may disrupt US imports from Africa&#39;s biggest oil-producing state.