NPR logo

Oil Prices Jump After Attack on Offshore Field

  • Download
  • <iframe src="https://www.npr.org/player/embed/91680871/91680844" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Oil Prices Jump After Attack on Offshore Field

Economy

Oil Prices Jump After Attack on Offshore Field

Oil Prices Jump After Attack on Offshore Field

  • Download
  • <iframe src="https://www.npr.org/player/embed/91680871/91680844" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Oil traded at nearly $137 a barrel Thursday morning after Royal Dutch Shell shut down production on an oil field off the coast of Nigeria. The field, which normally produces nearly 200,000 barrels of crude daily, was attacked by militants. Shell says it doesn't know how long it will suspend production.

RENEE MONTAGNE, host:

NPR's business news starts with an oil field under attack.

Oil prices are up and that rise came after one big oil company shut down production off the coast of Nigeria. The Royal Dutch Shell oil rig was attacked by militants. It normally produces nearly 200,000 barrels of crude oil a day. The shutdown has added to fears about supply in world markets. Shell says it doesn't know how long it will suspend production. Nigeria is Africa's largest oil producer and violence around its oil fields is common, but analysts say it's rare for offshore facilities to come under attack.

Copyright © 2008 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.