Oil theft in Nigeria caused Shell to recently declare force majeure on its Forcados crude grade and continued sabotage could decrease May exports to the lowest levels in five years, which would make Angola the largest African oil exporter by volume. [Sweet Crude Reports]

The long-awaited EPA rule to restrict carbon emissions from existing power plants took a step forward yesterday when the agency sent the rule to the White House Office of Management and Budget for review. The rule is scheduled for completion by June 2015, and EPA is reportedly meeting with industry and government officials around the country to ensure the regulation can withstand inevitable legal challenges. [Washington Examiner]

Australian-based mining giant BHP Billiton is restructuring, causing some to speculate that management could decide to split up the company formed in 2001 when BHP merged with South African Billiton. The company has significant upstream oil and gas operations. [Financial Times]