Oil prices are close to hitting $50 per barrel for the first time since November — but it has nothing to do with Saudi Arabia and Iran cutting oil production, as so much of the market has hoped.
It’s all down to Nigerian militants.
Nigeria was dethroned as Africa’s largest oil producer this monthbecause the deteriorating political and security situations pose such a threat to Nigeria’s oil output.
Militant activity from group Niger Delta Avengers is forcing supply disruptions and has made the country’s output fall by 800,000 barrels per day to 1.4 million barrels per day, according to Nigeria’s oil minister Emmanuel Ibe Kachikwu. Read full