Nigeria’s crude oil output to drop as Exxon Mobil declares force majeure

The recent increase in oil production is set to be significantly hit as Exxon Mobil has declared force majeure on oil lifting from different terminals in the country.

The declaration follows an industrial action by the company’s in-house workers union.

Last year, Nigeria’s oil production dropped to around one million bpd, falling behind Angola, due to the departure of companies such as Shell PLC and TotalEnergies caused by extensive corruption and security concerns.

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