Markets nervous, problems in Nigeria and troubles with spelling

This section summarizes downstream developments of the previous month. Exploration & Production are covered in 'Upstream Review'. The capture in late March of 15 British sailors and Royal Marines caused crude oil prices to rise sharply on fears of a worsening situation in the Persian Gulf. WTI rose by $2 a barrel to just over $66. Product markets went up as well as French dock workers went on strike in Marseilles, stranding oil tankers and forcing three nearby refineries to cut their runs. The dockers were protesting against a decision by Gaz de France to use its own staff to handle vessels at a new LNG terminal. The strike was eventually settled after 17 days. There was more trouble for foreign oil companies operating in Nigeria with further violence, kidnappings and damage to installations. Shell, which had some 475,000 bpd shut‐in at the beginning of March, was temporarily forced to cut production by a further 190,000 bpd when a pipeline was damaged. It was not immediately clear what had caused the problem. Around 700,000 bpd was reported shut‐in across the whole of Nigeria in mid‐March, including fields operated by ENI, Total and Chevron, as well as Shell, which has been hardest hit. Attempts to raise production in Nigeria are being hampered by the refusal of some oilfield service companies to work there. A meeting of OPEC ministers on 15th March in Vienna decided not to make any further cuts in production and to continue those previously agreed in Doha and Abuja. Angola attended the meeting for the first time as a full member but was not asked to join the cartel's quota system.