Nigerian Crude Exports to Hit 17-Month High in August

Nigerian crude exports will top 2 million barrels per day in August, reaching a 17-month high, according to new data compiled by Reuters on Thursday. Attacks by militants in the Niger Delta had crippled production in 2016, but the African nation has been rebuilding output steadily through 2017. Drops in output last year were so bad that OPEC exempted Abuja from the bloc’s November deal to cut production by 1.2 million barrels per day. The new rise in exports can partially be attributed to delayed shipments from July, Reuters said. An…

Gulf Of Mexico Oil Loses 301,000 BPD To Storm Cindy

One-sixth of offshore production in the Gulf of Mexico had been shut in by the end of Wednesday, ahead of Tropical Storm Cindy, according to the Bureau of Safety and Environmental Enforcement. The total shut-in amounts to 301,618 barrels per day of lost oil production. Natural gas output has been trimmed by 0.32 percent, or 10.1 million cubic feet per day as well, according to the BSEE’s Hurricane Response Team. The Louisiana Offshore Oil Port (LOOP), the largest private crude storage facility in the United States, had suspended loading procedures…

Winners & Losers

Some you win, some you don’t lose…
 

Source: MichaelPRamirez.com

The post Winners & Losers appeared first on crude-oil.news.

Winners & Losers

Some you win, some you don’t lose…
 

Source: MichaelPRamirez.com

The post Winners & Losers appeared first on crude-oil.news.

Once Again, Tensions Are Rising In Nigeria’s Oil Sector

On 2nd May 2017, Nigeria’s House of Representatives rejected a motion requesting that the House compel international oil companies (IOCs) to relocate their headquarters to the Niger Delta. The initiative initially emerged in March 2017, when then-acting President Yemi Osinbajo disclosed that the government was considering the move as part of a wider effort to restore peace to the oil-rich region, which has suffered from decades of ethnic and political unrest. Despite over half a century of oil production in the Niger Delta – which holds…