UPDATE 1-Exxon lifts force majeure on Nigeria oil exports

Wed May 7, 2008 1:00pm EDT
 
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LONDON/LAGOS, May 7 (Reuters) - Exxon Mobil (XOM.N) has lifted a force majeure on its crude oil exports from Nigeria, traders said on Wednesday.

All of Exxon's oil production in Nigeria, which averaged 800,000 barrels per day last year, were disrupted by a union workers' strike late in April. Output has since resumed.

An Exxon spokeswoman declined to confirm, but said the company was looking to minimize the impact of the supply disruption.

"We have notified the relevant authorities in Nigeria that the events that led to the force majeure have been resolved," the spokeswoman said. "We are working with our customers to minimise any supply impact."

Both parties say negotiations continue over workers' pay. The talks being held in Lagos are to resume on Thursday.

The supply disruption helped boost oil prices to record highs above $120 a barrel. (Reporting by Ikuko Kao in London and Tume Ahemba in Lagos, writing by Randy Fabi)

 

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