• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours How Far Have We Really Gotten With Alternative Energy
  • 10 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 23 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Gold Prices Soar Past $2,150 After Bullish Rally

Gold Prices Soar Past $2,150 After Bullish Rally

Precious metal prices experienced a…

A Glimmer Of Hope For Nigerian Oil As The NDA Announces A Ceasefire

The Niger Delta Avengers have agreed to cease their attacks on oil production and transportation infrastructure after prolonged negotiations with the federal government of Nigeria. The ceasefire, however, is conditional, and talks will continue, the group announced.

The condition that the NDA has laid out for the federal government is that it stops “harassing innocent citizens,” especially members of the Ijaw community in the Delta, which a lot of members of militant groups come from.

Though the news of the ceasefire offers some hope for Nigeria’s battered economy—with daily oil output slashed by between 700,000 and 900,000 bpd, according to different estimates—the likelihood of it keeping is not great, observers warn. As Deutsche Welle notes, many militants are impoverished, unemployed youths, embittered by their circumstances and blaming the international oil companies and the government in Abudja for them.

What’s more, NDA is just one of the militant groups operating in the Niger Delta, and a ceasefire with it does not guarantee a complete cessation of attacks. Besides, the NDA has been less active in recent months, while other self-proclaimed defendants of the local communities have come to the foreground with attacks on pipelines.

Reuters reports that there isn’t much optimism from either the government or the oil companies. The latter, in fact, are tight-lipped about their immediate plans in the country, so there is no way of knowing when major pipelines such as Shell’s Forcados or Exxon’s Qua Iboe will be back online, or even if they will be brought back online.

Related: Saudis Allow Foreign Investors to Buy Aramco IPO Shares

Nigeria’s problems with militant groups are not new. It is currently dealing with the violent Boko Haram organization in the North as well as well as the militants in the Delta. Many of these militants are also members of an older group, the Movement for the Emancipation of the Niger Delta.

Members of this group were offered amnesty by former president Goodluck Jonathan. A lot of money was spent on training programs for those who chose to give up their militant activities, but the group is still active and has distanced itself from the NDA’s latest announcement, pledging to continue carrying out attacks in the region, Nigerian daily Punch notes.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News