We are at or near peak oil, and even minor disturbances can cause major spikes in prices.

We are in for a bumpy ride.

Nigeria: Gunmen occupy oil installation

une 18, 2007: 09:18 AM EST

Jun. 18, 2007 (AFX International Focus) —

LAGOS, Nigeria (AP) – Unidentified gunmen have occupied an oil pipeline switching center in Nigeria and are preventing local workers and security forces from leaving, company officials said Monday.

Some two dozen Nigerian workers and soldiers are being held after the attack Sunday on a flowstation in southern Bayelsa state, Italian energy giant Eni Spa (NYSE:E) said in a statement. No injuries were reported, it said.

The company statement didn’t say if crude output had been curtailed and a spokesman in Nigeria had no information on the attack. Government officials weren’t immediately available for comment. Eni operates in Nigeria through its Agip subsidiary.

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