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Nationwide Oil Strike Begins in Nigeria, Rumoured to be Suspended

Oil

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) launched a nationwide strike on Monday, after domestic oil and gas companies fired members of the union, Reuters reports. PENGASSAN had organised a smaller-scale strike in December 2016, during which the country’s crude production dropped to 1.6M b/d, down 16% m-o-m, before recovering to 1.9M b/d in January 2017, according to information by the Joint Organisations Data Initiative (JODI). Nigeria’s crude exports last December amid the oil strike stood at 1.45M b/d, down 23% m-o-m. Latest reports by Reuters suggest that PENGASSAN is likely to suspend the strike after securing worker demands from the government, however at present, this has not been validated.

Nigeria depends on crude exports for about two thirds of its government revenues according to Reuters, The country’s crude exports in October stood at 1.7M b/d according to JODI, down 19% m-o-m and about 50K b/d higher y-o-y. Nigeria is currently the largest crude producer in Africa, with an average of 1.87M b/d in monthly output from January-October 2017, up 29% compared to the same 10-month period last year.