Nigeria To Return 20% Of OPEC Cuts To The Market

12 Jun 2017   Nigeria

Shell lifts force majeure on Forcados oil in Nigeria Royal Dutch Shell (ticker: RDSA) lifted force majeure on exports of Nigeria’s Forcados oil grade, returning about 250 MBOPD to world markets, according to shipment data obtained by Bloomberg . Europe’s largest oil company placed the crude grade under force majeure – meaning the company could miss contractual obligations due to circumstances outside of its control – more than a year ago after repeated attacks on infrastructure by the Niger Delta Avengers (NDA). The NDA militia attacked a number of oil and gas pipelines in Nigeria in an attempt to undermine the presidential administration. The attacks dropped the country’s oil output by 1 MMBOPD to just 0.8 MMBOPD in June of last year. Ready to put about 20 percent of the OPEC cut production back into global oil supply The persistent attacks on the country’s oil and gas industry were […]

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