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Shell declares force majeure
Loss of oil production was estimated at 226,000 barrels a day, from a Nigerian total of about 2.5M bpd. Shell has declared force majeure and initially warned of delays of 3-4 days after these two incidents. News from the country now appears to point to the withdrawal of 300 Shell workers, which is bound to disrupt oil production further. This will mainly affect the US, the main market for Nigerian crude. Disruption in the Middle East will have more effects on countries in Asia, where more than half of its oil is exported. China is becoming increasingly reliant on imported energy. For more than a year, China has been spreading its net wider to source oil imports. Beijing now buys from Venezuela, from the North Sea, from West Africa and the Med as well as the Middle East and is also progressing with its strategic oil reserve plan.
But this is still in its infancy compared with the US. Whereas China is aiming for a 30-day cushion in 2010, the US has a 75-day strategic petroleum reserve already in place. This amounts to 684M barrels, a mixture of two-thirds sour and one- third sweet crude. India’s cabinet has approved the creation of a strategic crude oil reserve, amounting to 5M tonnes or about 35-40M barrels. The facilities will be built up in two storage areas at Mangalore and Vishakapatnam within the next nine years. Europe follows the diktat of the International Energy Agency, which requires participating nations in the International Energy Programme to maintain 90 days of net oil imports. But as both the Nigerian and the Iranian problems get increasingly bitter, such reserves might provide only a small crumb of comfort.
athinairadio.wordpress.com
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