The price of Qua Iboe, Nigeria’s premium crude oil, has exceeded $100 per barrel, marking the first time since 2022.
This surge in price is attributed to the ongoing global supply shortage. The recovery comes after a tumultuous period driven by the COVID-19 lockdowns and exacerbated by the Russian invasion of Ukraine.
Qua Iboe crude, produced from multiple offshore fields by ExxonMobil and exported through Qua Iboe Terminal (QIT), has seen a recent increase in value, according to data from the London Stock Exchange Group (LSEG).
ExxonMobil, in a statement obtained from its website, detailed the features of the Qua Iboe Terminal, situated on the eastern side of the Qua Iboe river estuary.
It highlighted the terminal’s nine crude oil storage tanks with a combined capacity of 4.5 million barrels.
The terminal also employs a Single Point Mooring (SPM) system located 23 miles offshore, capable of accommodating ships up to 312,000 DWT with specific displacement limits. Berths at the terminal allow for a maximum draft of 72 feet.
Qua Iboe crude oil is characterized as light crude with minimal levels of sulfur, metals, and asphaltic material.
Its refining results in high-quality, low-sulfur products after straightforward processing.
Typical parcel sizes of Qua Iboe crude oil are approximately 950,000 barrels, but shipments of up to two million barrels can be accommodated.