Crude oil
Crude oil

ROYAL Dutch Shell PLC has lifted its force majeure on Bonny Light oil exports from Nigeria. In a statement issued yesterday by the Anglo-Dutch company, The force majeure was lifted at 09:00 Nigerian time, after production was restored at the Bonny terminal. The force majeure was declared in early May because of a leak on the Nembe Creek trunkline, though natural gas supplies from the terminal were unaffected. Nigerian oil exports have been severely affected in the past couple of months because of an unprecedented increase in militant attacks, many of which have been organized by the Niger Delta Avengers. The supply disruptions helped push oil prices above $50 a barrel, but as the attacks have subsided prices have retreated in the past two weeks closer to $45 a barrel.

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