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Oil Jumps On Hefty Crude Draw

Oil prices rocketed on Wednesday…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Nigerian Oil Output Falls 800,000 Barrels As Militants Step Up Attacks

Attacks on energy infrastructure continue to bombard the oil majors operating in the Niger Delta. The latest victim was Italian oil giant Eni, who told UPI in an email that some of its equity oil production was knocked offline because of an attack on an oil pipeline.

The Niger Delta Avengers have fiercely stepped up assaults on the likes of Chevron, Shell and Eni in recent weeks. Oil prices have increased over the same time period as the disruptions – combined with the major outages in Canada – have erased the global glut for crude oil. Related: Wildfire Nears Canada’s Major Oil Sands Plants

Nigeria’s oil production has plunged by an eye-watering 40 percent, falling to just 1.4 million barrels per day, the lowest level in decades. "Because of the incessant attacks and disruption of production in the Niger Delta, as I talk to you now, we are now producing about 1.4 million barrels per day," Nigeria’s oil minister Emmanuel Ibe Kachikwu said, according to Reuters. "We were at 2.2 million bpd but we have lost 800,000 barrels.”

The Nigerian government is hoping to engage with people in the area and stop the attacks, but there is little sign of progress for now.

During midday trading on Wednesday, both WTI and Brent are up around 1 percent to $48.80 and $49.67, respectively.

By Charles Kennedy of Oilprice.com

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