•OPEC+ plotting to cut supply of 20mbpd, says Trump
Ejiofor Alike with agency reports
Shell lifted a force majeure on exports of Nigeria’s Forcados crude oil after the pipeline transporting it reopened, the company said in a statement yesterday.
US President Donald Trump said yesterday that the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day, double the 10 million barrels agreed to a day earlier.
The removal of force majeure followed the reopening of the Trans Forcados pipeline by operator Heritage Energy Operational Services Limited, a spokeswoman for the Shell Petroleum Development Company of Nigeria said.
The pipeline was shut down on April 4, Shell said in a previous statement. It declared force majeure on April 6.
Forcados exports were set at roughly 245,000 barrels per day (bpd) in May and 283,000 bpd in April.
Meanwhile, Trump has alleged that the OPEC+ group of oil producers is looking to cut output by 20 million barrels per day, double the 10 million barrels agreed to a day earlier.
“Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported,” Trump said on Twitter.
The group, comprising the Organisation of the Petroleum Exporting Countries (OPEC), Russia and other countries, said Sunday it had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June, after four days of talks and following pressure from Trump to arrest the price decline.