Asian imports of West African oil surge on China demand
Asian imports of West African crude oil have surged by around 11 % this month on strong demand from refineries in
China and India and due to low freight rates, trade and industry sources said.
A Reuters survey of oil companies and importers showed 50 cargoes of crude oil from Nigeria, Angola and other African exporters such as Equatorial Guinea, are moving to Asia in June, equivalent to around 1.58 mm bpd.
Asian imports for July are also set to be high with around 43 cargoes, or 1.32 mm bpd, already committed and the
possibility of a few more before all destinations for the month are finally settled, traders said. Asian imports of
West African crude oil were lower in May with around 45 cargoes, or 1.38 mm bpd, heading east.
But a rise in Chinese diesel and gasoline prices and the prospect of higher refinery runs after a period of maintenance has spurred an increase in Chinese imports for June which looks set to continue well into July and possibly beyond.