Nigeria: Oil Output Hits Over 2.0m BPD As Shell Lifts Force Majeure On Forcados

13 Jun 2017   Nigeria

Shell Petroleum Development Company Limited has officially lifted force majeure on exports of Nigeria’s Forcados crude oil, thus increasing the nation’s oil output by additional 200,000 barrels per day. Force majeure is a legal declaration, meaning that the operator cannot fulfil a contract due to circumstances outside its control in order escape any liability. Consequently, the nation’s total production increased from two million bpd to about 2.2. million bpd, the highest in 16 months. Investigations showed that the Organisation of the Petroleum Exporting Countries, OPEC has started monitoring developments in the nation in order to see the possibility of including Nigeria in its oil output cut before the end of 2017. Nigeria and Libya were excluded from the cut in May when the organisation met in Vienna, Austria to adopt an action towards achieving stability in the volatile market. At the end of the meeting, OPEC had indicated in […]

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