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Tags: Barrels

Nigerian crude oil exports threaten market balance

Nigerian crude oil exports threaten market balance

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… READ MORE

OPEC Production Spikes – Has The Cheating Begun?

OPEC Production Spikes – Has The Cheating Begun?

OPEC’s crude oil production increased by 270,000 bpd in May over April, to stand at 32.12 million bpd–the highest level since January this year–as exempt Libya and Nigeria saw their respective output sharply recovering, according to an S&P Global Platts survey. Despite the high compliance from the cartel’s biggest producer and de facto leader Saudi… READ MORE

UPDATE 1-Nigeria’s June oil exports poised to hit 15-month high on Forcados plan

UPDATE 1-Nigeria’s June oil exports poised to hit 15-month high on Forcados plan

Nigeria issued its first Forcados oil loading plan since 2016, putting the nation’s June oil exports on track to hit their highest level in at least 15 months. The plan, if realised, would return loadings by Nigeria, normally West Africa’s biggest oil exporter, to levels not seen since militant attacks in the oil-rich Niger Delta… READ MORE

Nigeria loses crude oil export destinations to the U.S.

Nigeria loses crude oil export destinations to the U.S.

Nigeria is fast losing its favourite oil export destinations to the United States (U.S.), which used to be the country’s biggest importer of crude, as the Nigerian National Petroleum Corporation’s (NNPC) crude oil export destination report, confirmed that China, Peru, and Japan have totally stopped importing crude oil from Nigeria, The Guardian reports. Other countries… READ MORE

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