Wednesday, February 16, 2011

Shell revises oil loading dates for Nigerian Bonny

Royal Dutch Shell confirmed on Wednesday it had revised loading dates of Nigerian Bonny crude, following reports from traders of delays to shipments from Africa's top exporter.

Oil traders told Reuters on Tuesday that loadings of Bonny Light crude were delayed in February and March. Shell's Nigerian venture, Shell Petroleum Development Co. operates the Bonny stream.

"The SPDC joint venture has advised new crude oil loading dates for February and March 2011 due to operational reasons. We do not wish to go into more detail," Shell said in an emailed statement.

Bonny is one of the top oil streams from Nigeria and is popular with refiners in Europe and the United States. It is priced against Brent crude, which is trading above $102 a barrel and at an unusual premium to U.S. crude.

Oil traders said that prices of Nigerian crudes of similar quality to Bonny, such as Qua Iboe, had been supported by the delays to supplies.

Seven shipments of Bonny are scheduled to load in March and eight in February, according to loading programmes tracked by Reuters. Each cargo holds 950,000 barrels.

Shell has not declared force majeure on Bonny exports and the company is not issuing an update on production, a Shell spokesman said.

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