₦airaland Forum

Culled

Oil prices are close to hitting $50 per barrel for the first time since November — but it has nothing to do with Saudi Arabia and Iran cutting oil production, as so much of the market has hoped
.
It's all down to Nigerian militants.
Nigeria was dethroned as Africa's largest oil producer this month
because the deteriorating political and security situations pose such a threat to Nigeria's oil output.
Militant activity from group Niger Delta Avengers is forcing supply disruptions and has made the country's output fall by 800,000 barrels per day to 1.4 million barrels per day, according to Nigeria's oil minister Emmanuel Ibe Kachikwu .
Data cited by RBC Capital Markets' commodities team in an early May research note said Nigeria's oil production slipped to 1.69 million barrels per day.
Regardless of either assessment, this is still below the production level of Angola, which held steady in April, at 1.8 million barrels per day.
You can see the effect of the Nigerian militant activity on the oil market on Tuesday, reducing supply and boosting the price:

http://uk.businessinsider.com/oil-price-may-17-nigeria-opec-supply-and-demand-2016-5

One man's meat ....

Hahah

Of course they are a blessing

Funny

Yeah its a blessing for some, even in Nigeria. Only Chevron and Shell were affected plus the small indigenous companies that flow through them. Agip, Mobil, Total and other small companies like PPL are obviously continuing production and shipment.

So while Nigeria and some companies are crying, these lucky ones are making more money.

Different strokes for different folks you would say

More Militant actions from Niger Delta Avengers.

orunto27:
More Militant actions from Niger Delta Avengers.

by the time they start kidnapping nd killing nw, na u go shout pass

That is to say the Caliphate and the nw should behave.