• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 28 mins *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 7 hours Socialists want to exorcise the O&G demon by 2030
  • 1 day Chevron to Boost Spend on Quick-Return Projects
  • 11 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 21 hours Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 10 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day UK, Stay in EU, Says Tusk
  • 1 day Conspiracy - Theory versus Reality
  • 2 days What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 1 day Regular Gas dropped to $2.21 per gallon today
  • 2 days German Carmakers Warning: Hard Brexit Would Be "Fatal"
Oil Stabilizes As OPEC Implements Cuts

Oil Stabilizes As OPEC Implements Cuts

The oil rally slowed down…

Nigerian Militants Kill Three Soldiers in Oil-Rich Bayelsa State

Nigerian Militants Kill Three Soldiers in Oil-Rich Bayelsa State

In the latest deadly attack in the restive Niger Delta, militants have killed three soldiers in an ambush in one of Nigeria’s oil state, Bayelsa, local media reported on Tuesday.

The attack took place on Monday morning at a military checkpoint, which has been standing at the entrance of the Nembe community since militancy in the Niger Delta started.

Reports have it that residents of the area were fleeing in fear of a reprisal attack by the military.

Since the beginning of the year, the Niger Delta Avengers (NDA) militants have claimed a series of attacks on oil infrastructure and facilities in the Niger Delta.

The attacks have dragged Nigeria’s daily crude production down by 700,000 barrels per day (bpd), according to figures by the Nigerian National Petroleum Corporation (NNPC). The country’s oil output is currently 1.5 million bpd compared to what would be a regular production of 2.2 million bpd. Some traders estimate that the current output may be even lower, at some 1.3 million bpd.

The NDA have claimed most of the recent sabotages at oil facilities. The militant group, which has vowed not to allow the export of even “one litre of crude in the Niger Delta,” has been targeting pipelines belonging to NNPC and foreign oil majors Shell, Eni and Chevron.

Related: OPEC Rumors Continue To Support Oil Prices

By May this year, the increasingly frequent attacks had cut such a significant portion of Nigeria’s oil output that it caused a rally in global oil prices.

Most recently, Nigerian’s government has opted to resume making payments to the former militants as part of a plan to halt armed attacks against oil industry facilities in the Niger Delta region. Officials last February halted the payments to the ex-rebels who, in 2009, had pledged to stop their offensive against the oil infrastructure in exchange for benefits. The government had cut the payment off after a recent spate of attacks on oil pipelines.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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