Shell Cuts Oil Export By 100,000 Barrels DailyShell Nigeria Limited, a subsidiary of the Anglo-Dutch oil group Royal Dutch/Shell, has announced to cut its crude oil export by 100,000 barrels per day following a fire at one of its major terminals in the eastern Rivers State, local media reported on Saturday.The fire, resulted from vandalization on a trunk line at a major oil production terminal in Rivers State, forced the oil company to declare a "force majeure" (inability to meet obligations due to unforeseen circumstances) until the end of August. The fire at the production terminal was later successfully put out, but the two barges being used by black marketers were still ablaze as of late Friday, a spokesman of the company was quoted as saying. The fire is causing big losses in production and the company has to cut its export of crude oil by 100,000 barrels per day, the spokesman said. Prior to the fire incident, the oil company had, citing production problems, already declared a "force majeure" from July 3 to August 9, resulting in the cut of export of another 30,000 barrels per day. Shell, a leading West oil company operating in Nigeria, is producing more than half of Nigeria's daily oil output, which stands at about 2 million barrels. |
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