{"id":18740,"date":"2018-05-18T19:57:07","date_gmt":"2018-05-18T19:57:07","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=18740"},"modified":"2018-05-18T20:06:27","modified_gmt":"2018-05-18T20:06:27","slug":"us-iran-tension-oil-prices-hit-80-today-but-nigeria-loses-250000b-d-as-shell-declares-force-majeure","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=18740","title":{"rendered":"US\/IRAN TENSION: OIL PRICES HIT $80 TODAY BUT NIGERIA LOSES 250,000B\/D AS SHELL DECLARES FORCE MAJEURE"},"content":{"rendered":"
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Oil prices hit $80 a barrel on today(17\/5\/18) for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market but Nigeria may lose out as Shell declared force majeure on the exports of Nigeria\u2019s major crude oil, the Bonny Light, effectively cutting off sales of around 250,000 barrels per day (b\/d) of the country\u2019s crude from the market following the shutdown of the Nembe Creek Trunk Line (NCTL) by the operator, Aiteo Eastern E&P Company Ltd
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Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $72.06 a barrel, also their highest since November 2014.<\/span><\/div>\n<\/div>\n
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President Donald Trump\u2019s decision this month to withdraw the United States from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC\u2019s third-largest producer has given strong tailwind to oil prices.<\/span><\/div>\n<\/div>\n
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France\u2019s Total on Wednesday warned it might abandon a multi-billion-dollar gas project in Iran if it could not secure a waiver from U.S. sanctions, casting further doubt on European-led efforts to salvage the nuclear deal.<\/span><\/div>\n<\/div>\n
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A rapid decline in Venezuela\u2019s crude production has further roiled markets in recent months.<\/span><\/div>\n<\/div>\n
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\u201cThe geopolitical noise and escalation fears are here to stay,\u201d said Norbert R\u00fccker, head of macro and commodity research at Swiss bank Julius Baer.<\/span><\/div>\n<\/div>\n
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\u201cSupply concerns are top of mind after the United States left the Iran nuclear deal.\u201d<\/span><\/div>\n<\/div>\n
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Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.<\/span><\/div>\n<\/div>\n
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