Oil worries extend beyond Libya and Syria
Conversations surrounding last week's oil markets centered on Libyan production issues and the possibility that U.S. military strikes on Syria may have broader implications for crude oil, Graeber writes.
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The bright spot, however, is that non-oil sector growth is increasing because of construction, agriculture and hotels and restaurants. And last week, Africa's richest man, Aliko Dangote, signed a measure to build the country's largest oil refinery, which could help reduce the country's dependence on international markets. Shell, meanwhile, said it was in talks to settle claims with members of the Bodo community who say their livelihoods were ruined by oil spills from the company's pipelines. London law firm Leigh Day said as much as 600,000 barrels of oil spilled, though Shell said about 556,000 barrels of that was because of sabotage.Skip to next paragraph
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Shell said part of its clean-up efforts was thwarted by local groups in the Niger Delta region. In the north, meanwhile, militants from Islamic sect Boko Haram were blamed for the machete deaths of more than a dozen people. At least 160 people were killed in violence tied to the group last month. Another five people were killed by gunmen near the capital city, Abuja.
A World Bank report from May said the macroeconomic outlook for Nigeria "looks generally strong" in the short-term. The bank said the government isn't doing a good enough in staving off "social distress," however. While Nigeria's problems pale in comparison to Libya's, it serves as a reminder that OPEC is still a 12-member cartel.
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