• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 5 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 3 hours America's pandemic dead deserve accountability after Birx disclosure
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 2 days Trump punches back at Fauci and Birx's revisionist history (aka lies)
  • 3 days The coming Cyber Attack
  • 17 hours U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 1 day Create a new law "Postericide" to prosecute and imprison Climate Change "Deniers"
  • 2 days New Chinese Coal Plants Equal All those in U.S.A
  • 3 days Goldman Betting on Cryptocurrencies
  • 9 hours NG spot prices hit triple digits for weekend delivery
  • 4 days New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 6 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days Forecasts for Natural Gas
Why Has President Biden Sidelined Natural Gas?

Why Has President Biden Sidelined Natural Gas?

President Biden’s huge economic and…

West Africa Oil Exports To Asia Surge To Fill In OPEC Supply Gap

West Africa is becoming the latest oil exporting region to take advantage of the OPEC supply-cut deal and ship increased volumes of crude to the world’s highest-demand market: Asia.

According to data from traders compiled by Bloomberg, West African oil producers – led by Nigeria and Angola – are loading to ship as many as 2.19 million bpd to Asia in February - the highest level in at least five and a half years - compared with around 1.79 million bpd of oil sent in January. The February loading data could be even higher because traders Trafigura and Vitol still hold 3.74 million barrels that will probably be sent to Asia as well, traders with knowledge of the programs told Bloomberg.

China and India would be the largest buyers of the West African shipments, as refineries across Asia are trying to accommodate decreased supplies from OPEC – which along with production cuts has reduced shipments to some selected clients – with oil from other exporters.

Chinese buyers Sinochem Group, PetroChina Co. and Unipec are expected to raise their imports from West Africa by 14 percent from January to 1.3 million bpd in February, according to Bloomberg’s data.

India, for its part, is getting ready to import 692,000 bpd from West Africa, up by 39 percent.

West Africa is not the only region to have increased shipments to Asia amid reduced supplies from OPEC.

Related: Why Colombia’s Oil Industry Might Never Recover

Crude oil from the North Sea is flowing to Asia at record rates, set to reach 12 million barrels in January, Bloomberg reported last week, citing shipping data. Tankers carrying 9 million barrels are already on their way to Asian refiners and another 3 million barrels were expected to be loaded last week.

While OPEC producers are selectively cutting supplies to some customers, some exporters are not giving up the market shares that they deem particularly important. A Saudi oil ministry official said last week that Saudi Arabia would not reduce its crude oil exports to Japan despite the OPEC production cut agreement. The Kingdom supplies the largest part of Japan’s crude imports at a daily rate of 1.13 million bpd as of 2015.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News