Nigeria recorded significantly less oil production losses in the February/March drilling cycle, with shutdowns arising from sabotage, force majeure, crude production assets’ breakdowns and community issues markedly down to 1.69 million barrels for the entire month. Force majeure refers to a clause in contracts that allows both parties to walk out of the contract when an extraordinary event or circumstance beyond the control of the parties happens. The figure is a major improvement on the January 2022 high of 7.5 million barrels lost to the phenomena, a development that has negatively impacted the country’s capacity to export the commodity. The government did not explain the reasons behind the declining numbers, but it had recently ordered a crackdown on oil theft in the Niger Delta by deploying the military in the region. Over a week ago, in furtherance of Operation Dakatar Da Barawo (OPDDB) that was launched to checkmate crude […]