Mubasher: Oil prices declined on Friday in spite of fears of a halt in supply after Royal Dutch Shell announced its crude oil exports from Nigeria have been significantly disrupted.
The oil firm said that disruption, which has affected nearly 500,000 barrels a day, was due to problems in the main oil pipes.
Shell’s Nigerian subsidiary declared force majeure as of Tuesday, a statement by the company has shown. This step gives the company a legal indemnity for being unable to fulfil its export obligations.
Crude Brent retreated 0.4% to $47.45 per barrel by 3:42pm GMT.
