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Nigeria’s oil output rises in June as Shell resumes export

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NIGERIA’S oil output rose last month following repairs to infrastructure that had been damaged by militant attacks. An average of 1.53 million barrels a day was pumped in June, up about 90,000 barrels a day from May.

Militants have resurfaced this month, with the Niger Delta Avengers group claiming attacks on five crude-pumping facilities overnight Sunday.

Gasoline stockpiles along the U.S. East Coast surged to a record 72.5 million barrels in the week ended June 24, according to data from the Energy Information Administration. Imports to the region jumped to a six-year seasonal high. Gasoline production in the U.S. hit a record the previous week as refineries ran full-out to meet driving-season demand.

However, production in Saudi Arabia, the biggest crude exporter, rose by 70,000 barrels a day to 10.33 million last month. The kingdom typically burns more crude in the summer to generate electricity for air conditioners. Libya raised output by 40,000 barrels a day to 320,000.

Crude dropped with equities on a gloomy outlook for the global economy and amid signs that oil stockpiles remain ample. Futures fell as much as 3.3 percent in New York as stock markets declined.

Crude has risen more than 80 percent from a 12-year low in February amid supply disruptions and falling U.S. output. Yet the price rebound has spurred activity in the American shale patch, where drillers last week brought back the most oil rigs of any week this year.

Meanwhile, Shell Nigeria, last week resumed the export of Bonny Light crude oil grade from the Bonny Terminal, almost two months after force majeure was declared on the export of the commodity.

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