Oil and Gas

Exxon Mobil expected to ramp up Nigeria's Qua Iboe crude output this week

NEW YORK, May 16 (Reuters) - Exxon Mobil is expected to ramp up its production of Nigeria’s Qua Iboe crude oil this week, trading sources said on Monday.

The company declared force majeure on exports of the grade late last week after a drilling rig damaged a pipeline. Sources said the issue cut the company’s production by as much as 250,000 barrels per day (bpd).

Traders said that Exxon is expected to increase production as early as Tuesday and issue a new loading programme later in the week. Traders expect exports to be delayed by about 10 days.

Exports of Qua Iboe were scheduled at roughly 306,000 bpd for May. Nigeria’s oil production has fallen by almost 40 percent to 1.4 million bpd because of militant attacks on pipelines and other facilities, its oil minister said on Monday. (Reporting By Libby George; Editing by David Goodman)