Nigerian crude oil exports threaten market balance

9 Jun 2017   Nigeria, Oil Supply

The resumption of operations at a crude oil export terminal in Nigeria could lead to stronger output from the OPEC member, industry analysts say. File photo by Pavel Shlykov/Shutterstock June 7 (UPI) — Oil export operations in Nigeria are back in service following repairs, a division of Royal Dutch Shell said, adding to lingering supply-side concerns. A spokesperson for the Shell Petroleum Development Company of Nigeria Ltd said the company lifted force majeure, a contractual condition related to circumstances beyond the control of the parties involved, for exports from the Forcados terminal in Nigeria following repairs to an export artery. The spokesperson told UPI in response to emailed questions there were “three sabotage leaks” on the pipeline that were repaired with the help from federal authorities and the governments from the oil-rich Niger Delta states. Nigeria is a member of the Organization of Petroleum Exporting Countries, but is exempt […]

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