Nigeria's Trans Niger oil pipeline, a crucial crude oil export route, has been fully restored and is operating normally after a recent blast, according to a spokesperson for Renaissance, the Nigerian oil consortium that owns the pipeline.

The pipeline, with a capacity of approximately 450,000 barrels per day, is a vital export route for Nigeria, Africa's largest oil producer. The restoration of the pipeline is a welcome development for the country's oil industry, which has been plagued by pipeline sabotage, crude oil theft, and lower actual production compared to export capacity.

The blast, which occurred on March 19, damaged the main link of the pipeline, forcing oil output to be rerouted to an alternative line. However, Renaissance has confirmed that the pipeline is now fully operational, ensuring that crude oil exports from Nigeria can continue uninterrupted.

Nigeria's oil industry has long struggled with pipeline sabotage and crude oil theft, which have contributed to the country's lower actual production compared to its export capacity. Despite having the capacity to export nearly 2 million barrels per day, actual production averages around 1.3 million barrels per day.

In January, Nigeria's oil output increased by 40,000 barrels per day, reaching 1.51 million barrels per day, the highest level in four years, according to tanker tracking data compiled by Bloomberg. However, the country still loses a significant amount of revenue due to oil theft and pipeline vandalism, with estimates suggesting that Nigeria loses N1.29 trillion annually, equivalent to about 300,000 barrels of crude oil stolen each day.

The challenges facing Nigeria's oil industry have led to the withdrawal of major international oil companies, including Shell, ExxonMobil, Total, and Eni, from onshore and shallow-water operations in favor of deep-water exploration. The restoration of the Trans Niger pipeline is, therefore, a crucial step towards stabilizing the country's oil industry and ensuring that it can continue to meet its export obligations.

In a broader context, the restoration of the pipeline is also significant for the global energy market, as Nigeria is a key player in the global oil industry. The country's ability to maintain stable oil production and exports is critical for meeting global energy demands and maintaining price stability.

In conclusion, the restoration of Nigeria's Trans Niger oil pipeline is a welcome development for the country's oil industry and the global energy market. However, the ongoing challenges of pipeline sabotage and crude oil theft remain a significant concern, and efforts must be made to address these issues to ensure the long-term stability of Nigeria's oil industry.