It has been reported that Royal Dutch Shell Plc is restoring production of Nigerian crude oil after repairing a pipeline damaged by oil theft last week.
Shell's Nigerian venture declared force majeure on Bonny Light exports last Friday after the pipeline was damaged and oil was stolen.
Some 10 cargoes of Bonny Light were scheduled for export in November, equal to about 316 000 bpd and about 15% of Nigeria's expected daily oil exports this month of 2.1 million bpd. Reports indicate that production had fallen about 100 000 bpd to 210 000 – 220 000 bpd, as a result of the attack.
The disruption to Bonny supplies increased oil prices, as it is one of Nigeria's larger oil streams and is popular with refiners in Europe and the United States.
It is estimated that crude oil theft could currently be as high as 100 000 bpd in the Niger Delta.