Nigerian premium crude Qua Iboe is now costing more than $100 per barrel as the world market continues to experience a supply shortage.
For the first time since the Russian invasion of Ukraine in 2022, the volatile market has begun to recover from COVID-19 lockdowns.
Qua Iboe, which is generated by ExonMobil from multiple offshore fields and exported through Qua Iboe Terminal, QIT, according to LSEG data, recently reached $100 per barrel.
ExxonMobil indicated in a brief that was received from its website that the Qua Iboe Terminal, which is situated on the eastern bank of the Qua Iboe river estuary and has nine crude oil storage tanks with a combined capacity of 4.5 million barrels, is located at 4° 20’N and 7° 59’E
“Vessels are loaded through an SPM (single point mooring) 23 miles offshore which can accommodate ships up to 312,000 DWT, a 345,000 MT displacement limit and BCM equal to 175 meters maximum. “Maximum draft at both berths is 72 feet. Qua Iboe crude oil parcel sizes are normally about 950,000 barrels, but up to two million barrels can be loaded.”
It described Qua Iboe as, “Light crude containing very low levels of sulfur, metals and asphaltic material; when refined will provide similar low sulfur specification products. A well-balanced intermediate crude that produces high-quality, low-sulfur products after simple refining.”