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Oil Prices Climb on Concerns About Iran and Nigeria; Iran Warns Sanctions Could Hike Prices
ap ^ | 1/16/06 | na

Posted on 01/16/2006 2:22:15 PM PST by Flavius

Crude futures rose Monday after another attack on an oil platform in Nigeria and Iran warned that any sanctions imposed over the country's nuclear program could send oil prices even higher.

Brent crude for February delivery gained 77 cents to $63.03 a barrel on London's ICE Futures exchange, ahead of the contract's expiration Monday. Trading on the New York Mercantile Exchange was closed for the Martin Luther King Day holiday.

Royal Dutch Shell PLC said it had evacuated over 300 staffers and contractors from facilities in the Niger Delta. Heavily armed attackers damaged the Benisede oil platform in the Niger Delta and said some of its staff had been injured. The company also said it had begun evacuating personnel from some facilities in the region.

On Wednesday, gunmen attacked Shell's EA platform near the delta coast, seizing a Bulgarian, an American, a British and a Honduran. A major Shell pipeline leading to its Forcados export terminal was blown up the following day.

The company said recent violence has caused its consortium to cut 106,000 barrels in daily crude production. Nigeria is Africa's leading oil exporter and the fifth-biggest source of U.S. oil imports. The country produces about 2.5 million barrels a day.

Analysts also said prices were supported by concerns that the U.N. Security Council will consider sanctions against Iran because of its nuclear program, which the United States says is geared toward acquiring nuclear weapons. Iran maintains that the program will strictly be used to generate electricity.

"The major concern is that there is no spare capacity to make up for any drop in oil supply from Iran, a fact that the country's leaders know and which enables them to be bolder than usual," said Sucden Commodity brokers.

Iranian Economy Minister Davoud Danesh-Jafari warned that any sanctions on Iran from the West could, by disturbing Iran's political and economic situation, raise oil prices "beyond levels the West expects," Danesh-Jafari said, the English-language Tehran Times reported Monday.


TOPICS: News/Current Events
KEYWORDS: bokoharam; energy; eritrea; iran; iranianmissiles; iranianterrorism; jihad; kenyanbornmuzzie; methane; nda; nigerdeltaavengers; nigeria; oil; opec; petroleum; sanctions; sudan; waronterror

who needs oil, when one can just hug a tree, and praise mother earthy... some incense and life is dandious


1 posted on 01/16/2006 2:22:17 PM PST by Flavius
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To: Flavius


Not to worry once we decapitate your leadership...things will be back to normal.


2 posted on 01/16/2006 2:23:51 PM PST by in hoc signo vinces ("Houston, TX...a waiting quagmire for jihadis.")
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To: Flavius

Hell, Ted Kennedy can run on ethanol and he weighs more than my car!


3 posted on 01/16/2006 2:25:49 PM PST by Emmett McCarthy
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To: Flavius

There are eighty new uranium power plants under construction, mostly in Asia. A couple in the US. Higher oil prices would encourage further ocnstruction in the US, although coal still powers half the power production in the US. There is plenty of coal, and way beyond plenty of uranium. Oil is great only because it is cheap and easy to get.


4 posted on 01/16/2006 2:26:31 PM PST by RightWhale (pas de lieu, Rhone que nous)
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To: Flavius; windcliff

Start new oil wells in Iraq drilled at a 45 degree angle into Iran ;o).


5 posted on 01/16/2006 2:26:35 PM PST by I Drive Too Fast
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To: Flavius

" any sanctions on Iran from the West could, by disturbing Iran's political and economic situation, raise oil prices "beyond levels the West expects,"

Use it as a weapon, and you'll lose it as a weapon.


6 posted on 01/16/2006 2:27:31 PM PST by RTINSC (There is no guarantee of Success but Failure is guaranteed if you are not successful..)
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To: Flavius

Doesn't it seem though like oil prices rise for any excuse they can?

It gets cold - oil goes up
It gets warm - oil goes up
Michael Moore Farts - oil goes up
Sharon gets ill - oil goes up


7 posted on 01/16/2006 2:28:58 PM PST by RockinRight ("It's as if all the brain-damaged people in America got together and formed a voting bloc" - Coulter)
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To: RTINSC

Looks like it's time to take care of Iran.


8 posted on 01/16/2006 2:29:36 PM PST by RockinRight ("It's as if all the brain-damaged people in America got together and formed a voting bloc" - Coulter)
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To: Flavius
Let us remember that after 30 years of occasional oil supply disruptions, the rats/enviros have successfully fought off the development of new energy sources. No new refineries, no nuclear plants, no drilling in arctic wastes or in the middle of the Gulf of Mexico. No siree, those rats/enviros have done a great job keeping our nation hostage to 8th century ragheads halfway around the world. Keep up the good work.
9 posted on 01/16/2006 2:35:01 PM PST by Jacquerie (Democrats soil institutions)
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To: Flavius

But....but I love my large SUV!! What shall I do without it?! Oh the agony! /Large SUV zealot


10 posted on 01/16/2006 2:41:03 PM PST by Hoboto (I blame Hippies.)
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To: Jacquerie

Maria Cantwell, Washington State senator and Sierra club whore"

"Washington state will allow more oil to be processed at its refineries over my dead body."


11 posted on 01/16/2006 2:41:46 PM PST by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
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To: RockinRight

The sun comes up in the east...
and sets in the west...
Teddy K hits a buffet...


12 posted on 01/16/2006 2:44:41 PM PST by goalinestan
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To: Proud_USA_Republican

re: Washington state will allow more oil to be processed at its refineries over my dead body

Now you're talking!


13 posted on 01/16/2006 2:46:20 PM PST by jwpjr
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To: RockinRight
I'm with you Rocker. Time to line up oil executives under oath and conduct Congressional hearings on oil prices. Gasoline is more expensive here than in the Midwest. Why do oil companies import gasoline from Mexico? They claim there are no oil refineries on the west coast. Diesel sells for an average $ 2.89 in Oregon. I would use bio-diesel but the local stations jacked the price up from $ 2.49 to over $ 3.50 a gallon. Why does bio-diesel have to go up when the price of diesel goes up? Profit. Greed. Avarice.

Time for the U.S. to be energy independent.

14 posted on 01/16/2006 2:48:00 PM PST by ex-Texan (Mathew 7:1 through 6)
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To: Proud_USA_Republican
"Washington state will allow more oil to be processed at its refineries over my dead body."

Every few days I am reminded that the 17th Amendment (popular election of Senators) is an ongoing disaster in our nation's history. Think of Braun, Cantwell, Murray . . . would a governor or state legislature ever appoint the likes of these dangerous bozos?
15 posted on 01/16/2006 2:50:17 PM PST by Jacquerie (Democrats soil institutions)
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To: ex-Texan

Rather than worry about conspiracy in a highly and overly regulated industry, I suggest you visit a futures exchange to see the free market in action.


16 posted on 01/16/2006 2:54:08 PM PST by Jacquerie (Democrats soil institutions)
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To: Flavius

I got an idea, let's shut down all the nuclear plants and start building wooden wind mills, that'll solve our energy needs.


17 posted on 01/16/2006 2:54:39 PM PST by rodguy911 (Support the New Media and fr.)
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To: Jacquerie
Exactly great post!
and even worse than that we are now witnessing a major political party and huge conglomerate media that exist only through adv., which only exists in a vibrant economy willing to shut down the country to achieve their traitorous goals of political power over G.W. and our party.
It bizarro when you think about it.

And one step beyond all that if it does happen, the economy is destroyed, guess who will get all the blame, it won't be the rats.
18 posted on 01/16/2006 3:02:03 PM PST by rodguy911 (Support the New Media and fr.)
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To: Jacquerie
I used to work for Morgan Stanley. Like the guy said about sausages it should be said about futures trading. There are malevolent forces at work behind the scenes driving oil prices ever higher. BIG money drives our economy.
19 posted on 01/16/2006 4:50:51 PM PST by ex-Texan (Mathew 7:1 through 6)
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