28-11-08 Asian refiners cut West African crude oil imports for loading in December by as much as 27 % after buyers led by China Petroleum & Chemical Corp. lowered purchases because of falling demand for fuels.
China's imports will drop to between 420,000 barrels and 460,000 bpd from November's 570,000 bpd, according to five traders. Indian Oil Corp. and refiners in the nation will cut purchases by 21 % to about 280,000 bpd in December from November.

Asian oil-processing plants are reducing output as product prices have fallen faster than crude oil, lowering the profit to make gasoline and other fuels, after a global economic slowdown reduced consumption. China Petroleum, Asia's biggest refiner, cut crude oil processing by 10 % this month from July's record, company officials said.
"Interest for West African grades were lower for December cargoes because of refinery run cuts and weak demand,'' said Vienna-based consultant JBC Energy.

Brent crude oil, a benchmark for Europe and Africa, has declined 63 % from a record $ 147.50 a barrel on July 11. The contract for January settlement fell as much as 53 cents, or 1 %, to $ 52.60 on London's ICE Futures Europe exchange.
Asian refiners also pared West African imports for December as Far East crudes from Malaysia, Vietnam and Indonesia were relatively cheaper, JBC Energy said.

West African oil shipments in January to China may rise to 548,000 bpd in January, mainly because of increased refinery production, survey respondents said. India has booked shipments of about 251,000 bpd for January, the traders said.
Most crude oil from West Africa is classified as light and sweet. They yield more gasoline, diesel and kerosene after processing compared with Middle Eastern varieties.