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Angolan/Nigerian Crude Spreads at Record Levels

OIL

Record West African crude spreads are promoting a recovery in Angolan trade according to Platts.

  • Surging European middle distillate cracks and tightening North Sea and Mediterranean crude supply has sent buyers towards West Africa.
  • Angolan grades had been under pressure in recent months because of weaker demand from China as it grapples against lockdown demand destruction.
  • Platts has recorded some of the widest ever spreads between Angolan and Nigerian crudes. Comparing medium sweet grades, Angolan Girassol was last assessed at a $2.00/b premium to Dated Brent, up $1.60/b since the start of the month but still $5.30/b below Nigerian Forcados, its highest ever discount.
  • Angola had already recorded 318,000 b/d in European exports through April, its highest level since August 2016, according to Kpler shipping data.
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