More supply issues....seems everyday there is something on the supply side.
Eventually the market will get up to speed and recognize the issues in value.
https://www.reuters.com/article/nigeria-oil-idAFL8N2PN1N0
Shell confirms exports of Nigeria's Forcados oil under force majeure
LAGOS, Aug 16 (Reuters) - Shell Petroleum Development Co of Nigeria Ltd (SPDC) said exports of Forcados crude oil were under force majeure, confirming what a trade source told Reuters on Sunday.
Forcados oil exports were planned at 246,000 barrels per day (bpd) in August, roughly 16% of Nigeria’s July exports of 1.5 million bpd.
In an email, an SPDC spokesman said the company declared force majeure after curtailing production and suspending exports having noticed sheen on the water around the loading buoy.
Nigeria relies on oil exports for some 90% of its foreign exchange and more than half its budget.
