Shell Plc and Eni SpA have both declared force majeure on critical Nigerian oil shipments, threatening to disrupt supplies in a market already concerned over Russia’s invasion of Ukraine.
This development comes after Shell’s measure, which pertains to its Bonny export program, has been in effect since March 3.
While Eni’s is around Brass crude cargoes and comes after a pipeline explosion in Bayelsa state.
Force majeure is a legal provision that permits businesses to avoid contractual obligations due to circumstances beyond their control.
For Nigeria, the lost cargoes might be considerable. According to loading plans, the country was set to export about 1.5 million barrels per day this month.
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