Nigeria Oil Output Drops 12% In July

Crude oil production in Nigeria dropped by 12.56% in July to 1.29 million barrels daily from 1.48 million barrels daily in June, Business Day has reported, citing data from the Nigerian Upstream Petroleum Regulatory Commission. According to the state agency, one of the reasons for the decline was the temporary shutdown of the Forcados terminal, which Shell, the operator, announced in mid-July on suspicions of a leak. Normally, Forcados sees loadings of an average of 220,000 barrels daily but on July 12 workers in the area saw fumes near a vessel…