Oil Pushes Higher Amid Nigerian Pipe Cracks, Growing OPEC Schism

No timeline provided for restart of key African pipeline
Iraq aligns with Iran, Venezuela to resist Saudis, Russia

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By Jessica Summers

June 11, 2018 at 12:16 AM UTC

Updated on

June 11, 2018 at 7:24 PM UTC

This article is for subscribers only.

Crude rose to the highest in more than a week as cracks in a key pipeline threatened Nigerian oil exports and a schism deepened within OPEC over whether to allow more oil to flow onto global markets.

Futures advanced 0.6 percent in New York on Monday. New leaks have been discovered in a Nigerian pipeline that’s been shut since late last week and the operator provided no estimate for when deliveries will resume. Meanwhile, Iraq joined Iran and Venezuela in panning Saudi Arabian suggestions that it’s time to unwind output caps.