Nigeria’s sees oil exports rise by 1.9% in July on return of Bonny Light crude

There are indications that Nigeria’s crude oil export to the global market increased by 1.9 per cent in July 2018.

The development occurred as a result of the lifting of force majeure on Bonny Light export by Shell Petroleum Development Company, SPDC. According to Bloomberg, the total exports grew to 1.64 million barrels per day (b/d) last month from the 1.61 million b/d recorded the previous month.

It stated that on July 14, 2018, barely two months after declaring force majeure on the Bonny Light Export, SPDC announced the lifting of the force majeure, indicating resumption of normal loading activities from its Bonny terminal in Rivers State.

Source: Vanguard