Nigeria’s oil production output nears 22-year low

Posted by News Express | 12 May 2016 | 1,897 times

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Nigeria’s oil production output is set to fall to its lowest level in over two decades after Royal Dutch Shell’s local operation said it had shut a major pipeline.

Shell Petroleum Development Company declared force majeure on Bonny light crude exports on Tuesday, after closing the Nembe creek trunk line, which carries all the country’s crude, for repairs, after a leak.

The outage pushed oil futures higher, with benchmark brent crude trading 3.49% at 47 dollars 11 cents per barrel.

Nigeria was due to export around 217,000 barrels of Bonny light crude in June, from a total of 1.7 million barrels per day. (Channels TV)

Source: News Express

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