Shell declares force fajeure on Bonny Light

Shell declares force fajeure on Bonny Light

Royal Dutch Shell’s subsidiary, SPDC said it has declared force majeure on its Bonny Light crude exports.

According to Reuters News, SPDC said in a statement that the shutdown of the Nembe Creek Trunk Line had prompted the force majeure.

Reuters said exports of Bonny Light are expected to run at around 195,000 barrels per day (bpd) next month.

Traders told Reuters that over the next two weeks only one tanker is scheduled to load Bonny crude.

Shipments of Erha crude were also said to be delayed, but this had not yet had a knock-on upward effect on prices of other grades, two traders said.

Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016.

According to Reuters, PetroChina brought in to China the first cargo of its equity oil production from sub-salt Ribera project in Brazil, according to a report on Thursday by parent company CNPC.

Reuters said the 44,000-tonne shipment arrived at northeast Chinese port of Dalian this week after a 48-day voyage.