Energy giant Royal Dutch Shell has sold its stake in a set of oil wells and processing plants in Nigeria’s Niger Delta, the latest in a series of sales in an area where Shell has struggled with oil theft and other security issues.
Foreign investors sold off Nigerian stocks valued at 101.2 billion naira ($583.6 million) in October after a drop in the oil price and the local naira currency, data from the stock exchange showed on Wednesday.
For the first time since records started in 1973 the US did not import a single barrel of crude oil from Nigeria in July 2014. US crude oil imports have been on a downtrend in general as domestic production surged.
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