"With regard to the oil market situation, the EU expressed its concern about expected seasonal increase in demand coupled with possible supply disruptions over the next few months which could lead to tightening in the oil market. OPEC reiterated in its presentation that the present oil market remains well supplied, with commercial crude oil stocks above five-year average and an increasing level of upstream spare capacity."
OPEC and the European Union Thursday expressed, in a communal statement, their mutual desire to see "reasonable" oil prices that would not harm the world economy but would be high enough to encourage upstream investment in producing countries.
"All our workers have been told to comply with the industrial action and this morning we asked them to come out...Our intention is to get them out as of today. Ultimately exports and production will be affected. If the government does something about it today, then we will resolve the issues but if not, then that is our target. We are going to make sure that we disrupt the exports and the production, it cannot go on as usual."
Nigeria's powerful oil workers' unions have called on members to pull out of the oil export terminals on the second day of a strike on Thursday, threatening to slow the flow of crude from Africa's leading crude exporter.
Updated: June 21, 2007
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