Shell Petroleum Development Company of Nigeria Limited, a subsidiary of Royal Dutch Shell, has lifted force majeure on the exports of Bonny Light crude oil, one month after it was declared.
A spokesperson for Shell said the force majeure was lifted on Thursday.
Reuters reported that Shell declared the force majeure last month following the shutdown of the Nembe Creek Trunk Line, one of the two main pipelines taking Bonny Light grade to the export terminal. Exports have been continuing via the Trans Niger Pipeline.
Aiteo, operator of the NCTL, said on Tuesday that repairs to the pipeline had been completed.
Meanwhile, spot trade was limited on Thursday due to competition from alternative light, sweet grades and the overhang of Nigerian crude was set to worsen with a rise in Bonny Light exports, according to Reuters.
November-loading Nigerian cargoes have been selling slowly, weighed down by competing United States exports and rising light, sweet exports from elsewhere such as Libya.
One trader said about 20 million barrels remained unsold.
There was still no sign of either the November or December programmes for Bonny Light. The December programme for Qua Iboe emerged on Wednesday.
Nigerian Forcados was being offered at around dated Brent plus $1.70-$1.80 a barrel.