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Reuters alone with news of attack on Chevron oil pipeline in Nigeria

Reuters alone with news of attack on Chevron oil pipeline in Nigeria

Reuters was alone with news that unknown gunmen had attacked a Chevron-operated crude oil pipeline in Nigeria. Security sources in the oil-rich Niger Delta tipped off Reuters correspondent Randy Fabi about the incident only hours after it occurred. Chevron officials in the United States first heard about the attack after calls for confirmation from Reuters. The following day the U.S. oil major confirmed a breach to its pipeline and the shut-in of production of around 20,000 barrels per day. News of the output cut helped support global oil prices the following Monday. Dow Jones and Bloomberg were unable to match the story until nearly a day after Reuters broke the news.

MARKET IMPACT

  • News of the output cut helped support global oil prices the following Monday.

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