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Shell calls “force majeure” on Nigeria exports due to OPEC cuts


November 5th, 2008 @ 5:09 pm

Shell calls “force majeure” on Nigeria exports due to OPEC cuts — Royal Dutch Shell has called force majeure on some of its crude exports from Nigeria. Shell called the force majeure based on Nigeria’s compliance with OPEC — of which Nigeria is a member — to reduce output by 1.5 million barrels a day. Shell didn’t detail who exactly would be getting screwed.

Literally translating to “greater force” a force majeure, says the Yale University Library website, is a clause in a contract that a party may invoke to excuse it from liability if some event beyond its control prevents it from performing its obligations. Force majeure clauses cover natural disasters, “acts of God,” wars, and the failure of third parties — such as suppliers and subcontractors — to meet obligations. There: At BNET Energy you learn something new every day. [Source: Dow Jones via Cattle Network]


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