The Nigerian subsidiary of Shell has declared force majeure on Bonny Light exports because of the shutdown of the Nembe Creek pipeline, which has led to the accumulation of lots of unsold crude. The Nembe Creek transports 150,000 bpd of Bonny Light to the Forcados terminal that Shell operates. The reason for the shutdown of the pipeline remains a mystery. After yesterday Brent breached US$80 for the first time since November 2014, it retreated slightly, but the news of the Bonny Light force majeure could lift the benchmark once again. Bonny Light is a popular light grade that accounts for a substantial part of Nigeria‚Äôs oil revenues. Reuters yesterday quoted traders as saying Bonny Light shipments next month were likely to average 195,000 bpd, but were already being delayed by a few days to a week. These delays may also be related to the shutdown of another large pipeline, […]