Quote of the Day

"The one thing that could reign in this market is gasoline imports to the US. Something similar happened a few months ago when gasoline imports to the US dragged the market down."

A broker said as the arbitrage for shipping non-oxygenated gasoline from Northwest Europe to the US is open, with the US proving a strong draw of barrels since production capacity in the US is severely impacted by a heavy schedule of refinery maintenance.

"The Niger Delta needs special attention by all of us. It is not a Federal Government attention alone, not a state nor local government thing alone. It is a community, family, individual, oil companies, development partners and donors' thing."

Nigerian president Olusegun Obasanjo said, quoted in Thursday's ThisDay newspaper. Obasanjo agreed Wednesday to set up a new committee to bring an end to the violent unrest in the Niger Delta that has seen the country's oil production cut by over 20%. The president said a panel would be inaugurated April 18 and made up of representatives from the nine oil-producing states, Niger Delta Development Commission, oil companies, ministries of oil, works, power and steel and state-owned NNPC.

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