NIGERIAN OIL FIRE
PE wrote, Shell says a fire has forced it to close a key oil pipeline feeding Nigeria's strategic Bonny Export Terminal, which militants attacked last week.
The ongoing challenges are losing oil multinationals billions of dollars in what used to be Africa's biggest petroleum producer.
SBM Intelligence risk analysts estimate that renewed militant attacks, low oil prices and weak refinery margins have cost Dutch-British Shell and U.S.-based Chevron and ExxonMobil $7.1 billion in the first half of the year, representing about 70 percent of earnings.
Shell spokesman Precious Okolobo says the Trans Niger Pipeline was shut down Monday to investigate a fire.
Shell has refused to comment on reports that militants bombed its Bonny crude pipeline Friday, crippling exports days after they resumed following months of repairs from a May bomb attack.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.