Word: nigerias
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...vigor of the country's political system is apparent in the enthusiasm with which six parties have already embarked on a campaign for national elections in August. Nigeria's infant democracy, however, faces a major test as President Shehu Shagari tries to renew his mandate at a time when the country struggles with a deepening economic crisis prompted by the decline in oil revenues. The seriousness of the situation became evident in January when the government expelled more than a million foreign workers, mostly Ghanaians, in order to ease growing unemployment among Nigerians...
Even if demand bounces up to OPEC's target level of 17.5 million bbl. per day, the group still faces the danger of widespread cheating on quotas. Similar production agreements in the past have crumbled as several countries, including Iran, Nigeria and Venezuela, offered under-the-table price discounts to raise sales. These nations are buffeted by economic and financial difficulties that will make more cheating almost irresistible...
...Nigeria, the slowdown in oil revenues has shaken the government of President Shehu Shagari. Imports have been cut in half since 1981, and food prices have risen 25% in the past year alone. To ease unemployment, the government in January abruptly expelled more than 1 million illegal foreigners who had come to Nigeria from neighboring countries. Up for re-election in August, Shagari is determined to boost oil sales, even if it means getting into a price war with other producers...
...Western European customers by $1.25 per bbl., to $28, the second cut in six weeks. British Petroleum, one of the companies that pump Britain's oil, added to the pressure on OPEC by arguing that North Sea crude should be priced at least 750 per bbl. lower than Nigeria's high-quality Bonny Light. North Sea oil now sells for $30.50, higher than the Nigerian price of $30 that was set last month when Nigeria became the first OPEC nation to break ranks and formally cut prices. British Petroleum's view suggests that a cut of more...
Recent OPEC history supports Yamani. A year ago, the group agreed to a production ceiling of 18 million bbl. a day. Before long, however, Algeria, Nigeria, Libya, Venezuela and Iran were all exceeding their quotas...