• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 5 hours U.S. Shale Oil Debt: Deep the Denial
  • 6 hours Satellite Moons to Replace Streetlamps?!
  • 1 min Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 10 mins Why I Think Natural Gas is the Logical Future of Energy
  • 2 days EU to Splash Billions on Battery Factories
  • 20 hours Owning stocks long-term low risk?
  • 22 hours The Dirt on Clean Electric Cars
  • 6 hours Can “Renewables” Dent the World’s need for Electricity?
  • 1 min Get on Those Bicycles to Save the World
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 3 days Uber IPO Proposals Value Company at $120 Billion
  • 9 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 days The end of "King Coal" in the Wales
U.S. Oil Production May Jump To 14 Million Bpd By 2020

U.S. Oil Production May Jump To 14 Million Bpd By 2020

Secretary of the Interior Ryan…

Uncovering The Truth Behind The Khashoggi Disappearance

Uncovering The Truth Behind The Khashoggi Disappearance

The disappearance of self-exiled journalist…

Niger Delta Militants Give Explosive ‘No’ To Govt Deal

Niger Delta Militants

The Niger Delta Avengers on Wednesday rejected an offer by the government for negotiations to halt attacks on oil and gas infrastructure and said that it had blown up a Chevron well in response.

The country’s oil minister had made an overture to the group on Tuesday, but the Avengers rejected the offer in a tweet stating, “We're not negotiating with any committee."

"If the Fed Govt. is discussing with any group they're doing that on their own."

Related: South Africa’s Platinum Production Halted By Unions

The group then said it had blown up Chevron well RMP 20.

The unrest in the region is causing concern in the market, as refineries in India and the United States are moving away from Nigerian oil amid concerns about delivery.

U.S refineries on the east coast, which had been purchasing oil from the country, are looking elsewhere, and violence has also meant that the country has not seen the results of the uptick in Brent crude prices, which ironically have been driven in part by the situation in Nigeria.

Four major crude export grades—Qua Iboe, Bonny Light, Brass River and Forcados—are now under force majeure. Exxon’s is Qua Iboe, and this is said to be a mechanical failure, but the rest are confirmed as the direct result of militant attacks.

Related: China Hikes Domestic Oil Prices on Crude Rebound

In late May, the Avengers also shrugged off a government peace talk offer, saying they would settle for nothing less than “a sovereign state”. They don’t want pipeline contracts. They don’t want a piece of the corruption pie as their comrades before them won in a 2009 amnesty deal.

Experts do not see an end to crisis in Nigeria. Elizabeth Donnelly of Chatham house in England noted that the “nature” of the militancy in Nigeria suggests it is “here to stay for the foreseeable future.”

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News