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The War Risk Premium For Oil Prices

The War Risk Premium For Oil Prices

Attacks in around the middle…

Niger Delta Group Bombs Pipeline Despite Ceasefire

Niger Delta Pipeline Explosion

More violence in the Niger Delta Region has been reported, at the hands of a militant group called The Niger Delta Greenland Justice Mandate (NDGJM).

The group announced on Tuesday that it blew up a pipeline belonging to Nigeria Petroleum Development Company. The NDGJM has refused to be a part of the ceasefire between the Nigerian government and the Niger Delta Avengers.

The NDGJM issued a statement on Tuesday that read in part: “As a mark of our faith to totally grounding the Nigerian oil economy, the gallant ‘Opud’ strike forces brought down the Afiesere- Iwhrenene major delivery line in Ughelli North, leading to the UPS/UQCC operated by NPDC/SHORELINES at about 1am today 13th September 2016. The Niger Delta is not a conquered territory and our people have never succumbed to intimidation before, rather we match force with the oppressor’s brutality. The Nigerian government should already know that the, people of this part are not fools, who will not be able to see when they are being treated with disdain.”

The group warned people living near oil facilities to vacate their homes “if you value your lives.” The group which is also referred to as “Greenland” said that the attack Tuesday was part of what it referred to as “Operation Crocodile Tears” and said that more attacks were still to come, according to Online Nigeria.

The attack comes after Nigerian President Muhammadu Buhari announced that the federal government would put an end to violence from the militant groups. Although Buhari did not mention any specific solution, he did say that the government has had “indirect talks” with the militant groups. Buhari added that the military has increased the number of its troops in the area as part of “Operation Crocodile Smile.”

Nigeria’s Vice President, Vice President Yemi Osinbajo, stated that the country’s oil production has been cut by approximately 60 percent by attacks on its oil infrastructure.

Lincoln Brown for Oilprice.com

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