Nigeria’s export of crude oil has suffered a major setback as Shell Petroleum Development Company (SPDC) yesterday declared force majeure on the export of Forcados grade of crude oil after it had shut down the 400,000 barrels per day capacity Forcados export terminal in Delta State. The declaration of he force majeure has freed the oil giant from contractual obligations to its customers due to circumstances beyond its control. Shell and other third parties export crude oil from the Western Niger Delta through the Forcados terminal, which was once shut down on October 19, 2012, due to flooding and damage to the supply pipelines. However, the company resumed loadings at the terminal on November 21, 2012 and also lifted the force majeure declared on exports of Forcados grade of crude oil. Before yesterday’s declaration of force majeure on Forcados exports, the export terminal had earlier been shut down when […]