This latest setback to global oil exports is indicative of the of how quickly the stockpiles of crude oil can be depleted after almost two years of falling prices.
Advertisement
Canadian outages caused by rampant wildfires, supply disruptions caused by political disagreements in Libya and the Nigerian stoppages now add up to 3.5 million barrels of offline oil a day, said Seth Kleinman, a Citigroup analyst.
Despite concerns about a global economic slowdown, oil demand grew more than originally thought in the first quarter, the IEA said. Voting ends on Monday 23rd May, 2016. This is based on the current crude oil price of $45.86 per barrel and an exchange rate of about N200 to a dollar. Shell’s Forcados export terminal has been shut since an undersea export pipeline was attacked in February.
Okolobo said Wednesday that Shell declared force majeure on Bonny exports effective 1100 GMT the day before a move protecting it from contractual obligations citing a leak on the Nembe pipeline. The disruption will affect about 200,000 barrels a day of crude exports this month, according to a trader familiar with Nigeria’s export program.
The SPDC did not disclose the cause of the leak in the statement. However, a community leader in the Delta said an explosion had shut down the pipeline. NCTL carries all the country’s Bonny Light. Pipeline operator Aieto Exploration blamed sabotage or an attack. He is spokesman for the Joint Military Force in the embattled and oil-rich Niger Delta.
A bomb attack last week closed a major Chevron facility.
But large and sophisticated attacks on Nigeria’s oil fields seemed to die down in the wake of a 2009 government amnesty for militants.
“In order to increase and stabilise the supply of the product, any Nigerian entity is now free to import the product, subject to existing quality specifications and other guidelines issued by Regulatory Agencies”, Mr. Kachikwu said.
Advertisement
A new group, the Niger Avengers, has claimed responsibility. Earlier this week, Shell evacuated nonessential personnel from one of its oil fields off the coast of Nigeria, though it said operations were continuing.
