OpeOluwani Akintayo
with Agency report
24 December 2017, Sweetcrude, Lagos — Nigeria’s crude oil witnessed “little activity” at the market in the past week, a report from Reuters has said.
According to the report, while Angolan crude was offered at steady levels as at Friday, Nigerian crude was not completely cleared.
Although no specific figure was quoted, however, the report disclosed a “number of cargoes” were still available from Nigeria’s January offer programme.
As at Wednesday, Qua Iboe was reported to have been offered at dated Brent plus $1.90 a barrel.
Qua Iboe crude oil is produced from numerous offshore fields in south-eastern Nigeria, east of the Oso field.
The crude, from fields, 20 to 40 miles offshore from the south-east, is brought to shore via pipeline system on the seabed to the Qua Iboe terminal, QIT jointly operated by ExxonMobil which own 40% and the Nigerian National Petroleum Corporation, NNPC owning 60%.
