RealNews

Nigeria's shut-in oil production seen hitting 1 million barrels per day

Nigeria’s shut-in oil production is expected to reach around 1 million barrels a day in coming weeks, market participants said Thursday.Royal Dutch Shell has been forced to declare force majeure for the second time in two months on its crude exports from the troubled Niger Delta region, contributing to growing pessimism over security of supply from Africa’s largest producer. The force majeure, which indemnifies Shell from litigation if it fails to meet its contractual obligations to buyers, follows the discovery of leaks on the Nembe Creek pipeline that feeds key Bonny Light export hub. Full Story

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