Nigeria’s Forcados Oil Comes Back in Fresh Blow to OPEC Curbs

7 Jun 2017   Nigeria

Nigerian stream back after 15-month halt caused by sabotage Extra barrels equate to about a fifth of OPEC supply curbs Royal Dutch Shell Plc lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20 percent of the supply OPEC has pledged to cut from world markets. Europe’s biggest oil company ended a force majeure of Forcados crude oil shipments at 4 p.m. on Tuesday, a spokesman said. The measure, which allows companies to miss contractual obligations, was imposed on Feb. 21 last year. Shipments this month will average about 250,000 barrels a day, according to a loading program obtained by Bloomberg. Graphic: Tracking OPEC’s Production Cuts Nigeria is adding barrels to the market just as other members of the Organization of Petroleum Exporting Countries are trying to remove them in a bid to […]

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