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Royal Dutch Shell (RDS.A): Declaration of Force Majeure; Crude Price Rally Underway?

Screen Shot 2016-08-14 at 11.56.06With the recent shutdown of pipeline owned by the energy giant in Nigeria coupled with the pipeline outages and militants attacks, we forecast a crude price rally

By Staff Writer on Aug 14, 2016 at 6:34 am EST

Following a string of attacks on its oil facilities combined with pipeline outages in Nigeria, Royal Dutch Shell (ADR) (NYSE:RDS.A) has finally declared a force majeure on Bonny Light crude oil. Citing statement by the company on Friday, Reuters reported that the Nembe Creek Trunk Line (NCTL) was shut down after a leakage by Aiteo, the pipeline’s operator. Aiteo was unavailable to comment on the matter.

Natasha Obank, spokesperson for the company stated: “The pipeline has been shut down for a joint investigation visit into the cause of the leak and repairs.” read more

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