Price of Qua Iboe exceeds $100 per barrel due to 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 accept ships up to 312,000 DWT, a 345,000 MT displacement limit, and a BCM equal to 175 metres maximum.At either berth, the maximum draught is 72 feet. Normal parcel sizes for Qua Iboe crude oil are around 950,000 barrels, however two million barrels can be loaded.

“Light crude” with “very low levels of sulphur, metals, and asphaltic material; when refined will yield similar low sulphur specification products,” it said of Qua Iboe. a well-balanced intermediate crude that, following straightforward refinement, yields high-quality, low-sulfur products.