April 17, 2023

Exxon Mobil Corp. in Nigeria declared force majeure on oil liftings from different terminals in the country following industrial action by the company’s in-house workers union, the company said on Monday in a statement.

Exxon is the operator of Qua Iboe, one of Nigeria’s larger crude streams. Trade sources were not sure as yet whether any output had been shut down and what would be the impact on loading programmes.

Qua was last heard offered on Friday at dated Brent plus $2.25 to $2.50 depending on dates. A trader said on Monday levels had not changed.

In the Angolan market, attention is focused on the next round of loading programmes. The Angolan programme for June was expected to be out on Monday although is now more likely to appear on Tuesday, a trader said.

As many as four May-loading cargoes are still unsold, although one trader expected two of them to return to the sellers’ own refining systems.

REUTERS