Oil prices above $18

Wed, 13 Jul 1994 | Source: AFP

LONDON (AFP): The price of Brent crude North Sea oil lifted through the key US$18-a-barrel level early yesterday, rising to $18.18 a barrel, as a strike in Nigeria hit prices, dealers said.

Analysts believe oil exports could be hit if Nigeria's powerful oil and gas union (NUPENG) maintains a strike that has nearly paralyzed the country for over a week. Nigeria is the world's fifth largest producer.

NUPENG called the strike to press the military government to release the jailed pro-democracy leader Moshood Abiola, the presumed winner of elections in June 1993 that were annulled by the military on grounds of fraud.

The Global Energy Studies group said Nigerian production is estimated at around 2.05 million barrels per day in 1994.

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