THE WALL STREET JOURNAL: Nigeria Oil Exports Unaffected By Lockout –Traders: "A spokesman for Royal Dutch/Shell Group in London said its Nigerian loadings continued. Shell, the largest oil company in Nigeria, pumps roughly half of the country's total output of around 2.4 million barrels a day.” (ShellNews.net) Posted 22 Dec 04

DOW JONES NEWSWIRES

LONDON -- Traders of west African crude oil say Nigerian exports haven't been disrupted by worker unrest, despite union claims that crude liftings had been halted.

"Loading hasn't been affected at all and everything is normal," said a trader at a major European oil company.

A spokesman for Royal Dutch/Shell Group (RD, SC) in London said its Nigerian loadings continued. Shell, the largest oil company in Nigeria, pumps roughly half of the country's total output of around 2.4 million barrels a day.

Labor leaders said earlier Tuesday that workers had abandoned posts at Nigeria's oil export terminals, halting all crude liftings. The oil unions are demanding payment of accrued allowances, based on a collective agreement with management.

However, crude traders told Dow Jones Newswires that they haven't seen any signs of disruption to exports so far from the apparent lockout.

"(The lockout's) just not in the right area for it to have that kind of impact," said another trader.

Unions are protesting benefits and pay packages.

Nigeria is the world's eighth biggest oil exporter.

-By Norval Scott, Dow Jones Newswires; +44-20-7842-9344; norval.scott@dowjones.com

(Shai Oster in London contributed to this report.)