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A union for Nigerian oil workers declared a strike on Monday on demands for improved working conditions went unaddressed, raising questions about supply outages in the African nation.
Last year, a strike at an ExxonMobil (NYSE: XOM) project temporarily idled more than 500,000 bpd. This week’s strike affected workers at dozens of oil companies.
However, the strike was also called off on Monday as talks seemingly started to get somewhere, although details remain sparse.
The issue is important for the global oil market – an outage at a major oil producing country could lead to sharply higher prices, particularly with the market making substantial progress at lowering inventories.