Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.

Following the spate of production disruptions largely caused by the recent upsurge in militant attacks on oil infrastructure in the Niger Delta that have cut Nigeria’s output to the lowest in almost three decades, exports of the commodity from the country have taken a serious beating.

The nation relies heavily on earnings from oil exports, and the production cuts come as an additional headache for an economy that is already suffering from the sharp drop in oil prices since 2014.

Currently, four of the nation’s five largest export streams have been totally suspended as Forcados, Qua Iboe, Bonny Light and Brass River are under force majeure – a legal clause that allows the exporters to stop shipments without breaching contracts.

All but that of Qua Iboe was as a result of militant attacks..... <<< read more >>> www.jcdbgist..com

Hmmm someone will start insulting buhari