• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 9 hours The Fascist Dictatorship called Russia under Dictator for Life Putin
  • 9 hours Russia, Ukraine and "2022: The Year Ahead"
  • 2 days January 23rd - Washington D.C. and Brussels - Demonstrations Against Tyranny
  • 15 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 2 days Energy Storage Could Emerge As The Hottest Market Of 2022
  • 1 day "Tackling One Of The Fracking Industry’s Biggest Problems" by Robert Rapier
  • 1 day NordStream2
  • 1 day Following the Big Money
Offshore Oil Is Making A Comeback As Demand Returns

Offshore Oil Is Making A Comeback As Demand Returns

A rising number of projects,…

Declining U.S. Petroleum Inventories Push Oil Prices Higher

Declining U.S. Petroleum Inventories Push Oil Prices Higher

U.S. commercial petroleum stocks are…

Nigeria Releases 22 ExxonMobil Employees

Nigerian authorities in the Rivers state have freed 22 Exxon employees who were arrested last week and quarantined for breaching a coronavirus containment order that restricts movement across the state.

“The Rivers State Government on Sunday released 22 staff of Exxon Mobil who were arrested for violating the State Executive Order restricting movement in the state,” the state government said in a statement cited by Reuters.

Nigeria has reported 627 confirmed cases of Covid-19, with 21 fatalities, according to data from Johns Hopkins University. To help contain the disease, the country’s petroleum industry watchdog ordered offshore field operators to reduce their workforce on platforms and extend their rotations to 28 days from 14 days.

Meanwhile, as it also battles the effects of the supply-demand imbalance, Nigeria has slashed its oil prices by as much as $3 per barrel to attract more buyers. Even so, it may fail to do so as supply continues to far outweigh the demand for crude.

The demand destruction and the low oil prices will hit many African oil producers, with Nigeria leading the pack with estimated revenue losses of $15.4 billion at $30 oil this year, estimates from the Atlantic Council’s Africa Center showed last week.  

The coronavirus is also taking its toll, and things could get worse before they get better, at least according to the World Health Organization. The WHO warned last week that Africa could become the next epicenter of the disease, after Europe and North America.

The number of known cases in Africa had risen by 51 percent over the week to Friday, April 18, the WHO’s director-general, Tedros Adhanom Ghebreysus said, while the number of reported deaths increased by 60 percent over that same period. Ghebreysus has said that the real figures are likely higher than those being reported. 

By Irina Slav for Oilprice.com

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