Shell, Eni Declare Force Majeure on Nigerian Crude
Nigerian supply was hit by export disruptions to the Bonny and Brass River crude streams, oil giants Shell and Eni said on Monday, while offers of Angolan crude were steady to lower.
Shell’s Nigerian venture SPDC declared force majeure on Bonny Light crude exports effective March 3, the company said on Monday, due to a slump in inflows to the export terminal.
The disruption is coming amidst a steady rise in global oil. Nigeria has not been meeting the organisation of petroleum exporting countries, OPEC, quota due to issues relating to investments in oil assets.
OPEC recently hints that the federal government has improved compliance amidst fiscal slippage due to overreliance on hydrocarbon revenue despite net-zero emissions plan by the global players.
ENI declared force majeure on exports of Nigerian Brass River crude following a blast at a pipeline in Bayelsa state that a Nigerian industry body blamed on vandalism, the company said on Monday.
State oil company Sonangol was offering a Plutonio cargo at dated Brent plus $2.00, down 30 cents from levels heard last week. READ: Egypt Awards Five Exploration Licenses to Eni
Unipec, normally a big buyer, was still offering three cargoes – a Saturno at dated Brent plus $2.00, a Mostarda at dated Brent plus $1.50 and a shipment of Ghanaian grade Jubilee at dated Brent plus $3.70, according to Reuters.
The May loading programme for Angolan crude is due next week. #Shell, Eni Declare Force Majeure on Nigerian Crude
