For the first time since 2022, the Qua Iboe, a renowned Nigerian crude variant, has witnessed its price soar past $100 per barrel. This noteworthy surge stems from a continuing global oil supply shortfall, with the shadow of the past—the pandemic lockdowns and geopolitical tensions like the Russian invasion of Ukraine – still casting an effect on the global market.
As reported by Vanguard, ExxonMobil produces Qua Iboe from various offshore sites and exports it globally via the Qua Iboe Terminal (QIT). The latest data from LSEG highlights the recent surge in its barrel price.
According to details on ExxonMobil’s website, the Qua Iboe Terminal, located at 4° 20’N, 7° 59’E, sits on the eastern side of the Qua Iboe River estuary. This crucial terminal houses nine crude storage tanks with a total capacity of 4.5 million barrels.
Workers load the vessels through a Single Point Mooring (SPM) 23 miles offshore. This SPM can accommodate massive ships with specifications up to 312,000 DWT, a 345,000 MT displacement limit, and a BCM of up to 175 metres. Both berths of the terminal have a maximum draft of 72 feet. While Qua Iboe crude oil parcels usually measure around 950,000 barrels, the airport can load up to two million barrels.
Qua Iboe crude stands out for its light consistency and low levels of sulphur, metals, and asphaltic materials. When refined, it produces high-quality, low-sulfur products. This well-balanced intermediate crude yields premium quality outputs after refining.
As the world grapples with supply constraints, this uptick in Nigeria’s Qua Iboe crude oil price clearly manifests the persistent shifts and dynamics of the global energy market. Experts will closely monitor these evolving trends, especially with recent geopolitical events and the world’s gradual recovery from the pandemic.
