• Monday, June 24, 2024
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Qua Iboe loadings delayed by up to five days – traders

Qua-Iboe

Exports of Nigeria’s largest crude oil stream of Qua Iboe have been pushed back by as much as five days, with operator ExxonMobil planning to issue a revised loading plan, traders have said.

A delay in the ramp up of a pipeline at the Qua Iboe terminal is behind the change to loading plans, according to market sources.

Qua Iboe was under force majeure from mid-May until early June after an accident on a drilling rig damaged a pipeline, forcing Exxon to lower production.

Differentials to dated Brent for Qua Iboe had firmed notably after Vitol purchased four August-loading cargoes. There were ten cargoes planned for export in each of July and August.

Qua Iboe has the largest output of Nigeria’s crude grades and was set to account for 317,000 bpd of exports in June.