The price of Nigerian premium crude, Qua Iboe, has surpassed $100 per barrel as the global market continues to suffer a supply deficit.
This is the first time since 2022 when the volatile market showed recovery from COVID-19 lockdowns, which was also driven by the Russian invasion of Ukraine.
According to LSEG data, Qua Iboe, which is produced from numerous offshore fields by ExonMobil and exported through Qua Iboe Terminal, QIT, surpassed $100 per barrel a few hours ago.
In a brief obtained from its website, ExxonMobil, stated: “Qua Iboe Terminal (4° 20’N, 7° 59’E) is located on the eastern side of the Qua Iboe river estuary and contains nine crude oil storage tanks with a total capacity of 4.5 million barrels.
“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”.