The Shell subsidiary in Nigeria declared a “force majeure”, because a contractual condition related to circumstances beyond the control of the parties involved, are forcing their exports down.
Nigeria and Libya are two members of the OPEC countries that have an exemption, from the multilateral effort to stabilize the oil prices, set to balance the oil market with production declines, so they can focus themselves on to their national security efforts.
OPEC economists said that combined Nigeria and Libya were adding about a quarter million barrels of oil per day to the market, while other member states scale back. In the meanwhile, a rebound in Libyan and Nigerian production adds pressure to an already amply supplied Atlantic Basin, due to a massive 900.000 barrel increase in US-shale oil production.
Libya’s return has been the most high-profile of the tow African oil suppliers. This week, members of Libya national oil company met with officials from Norwegian energy company, Statoil to review developments in the North African oil fields.
Production before the Libyan infrastructure was destroyed by an Italian, French, US NATO war coalition, the government of Ghadaffi produced about 1 million barrels per day, which was more than the June OPEC production of 852.000 b/d this year!
The US-oil lobby ordered the NATO military to seize the world’s oil reserves in order to balance their cooked books, in which their figures manipulate the DOW Jones, to guarantee investors dividend payments. Iraq, Syria, Sudan and Libya have all fallen victim to the cause.
Venezuela and Russia are the next hostile takeover targets, for the Zionist con artists to profit from. This multi-trillion war effort is paid with fake money printed by the FED, which is discounted and or compensated with the increase of the New York stock exchange.
UPI / AA Magnum News 2017.