The force majeure declared by Shell on exports Bonny Light, a key grade of Nigerian crude oil, is causing delays of a few days and which will stretch into the beginning of November, according to preliminary loading programmes.
Export schedules for November continued to emerge, with volumes appearing to remain relatively steady for the top three oil grades including Bonny Light, exports of which are set to decrease by only 7,000 barrels per day (bpd) to 269,000.
But the planned loading dates for each Bonny cargo were shown to be delayed by about three days, beginning on Sept. 16 through to the first two cargoes in November. The original dates are even later than those Shell had previously indicated when October programmes first circulated last month.
One of the two lines feeding the crude oil stream, the Nembe Creek Trunk Line, was closed last week and operator Shell declared force majeure on exports on Tuesday. Traders were unclear on the reasons for the shutdown, though possible explanations ranged from unplanned maintenance to contamination. Local operator Aiteo did not respond to a request for comment.
About 30 cargoes of Nigerian oil remain for export in October, a fairly high backlog, though price offerings for the Qua Iboe grade remain relatively high at a premium of about $3 to dated Brent. India’s HPCL issued a buy tender for November-loading crude. The tender closes next week.
Follow us on social media
