14 June 2011
Oil Revenue Dips as Shell Cuts Exports
Nigeria's crude oil exports have suffered a major cut back following declaration by the country's top producers, Shell Petroleum Development Company (SPDC), that it could no longer meet scheduled supply commitment to buyers.
The Force Majeure came into effect at noon yesterday and will affect loading of Bonny Light crude oil grades for June and July 2011.
Consequent on the development, Nigeria's revenue opportunity from the prevailing strong international prices of crude oil has hit a downtime, wiping off millions of dollars from the government's income channels.