By Libby George and Ulf Laessing | LONDON/LAGOS
Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation’s oil output, casting doubt on a production recovery in what is typically Africa’s largest oil exporter.
In the six months since the first major attack on Nigeria’s oil – a sophisticated bombing of the subsea Forcados pipeline – dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years.
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With the recent shutdown of pipeline owned by the energy giant in Nigeria coupled with the pipeline outages and militants attacks, we forecast a crude price rally
Terry Macalister
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