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Europe Raises Angolan Crude Imports Amid Russia Embargo

OIL

Europe is boosting Angolan crude imports this month as the continent’s ban on Russian oil upends typical trade routes according to a survey of traders specializing in West African barrels.

  • More than 40% of Angola’s 32 crude cargoes for loading this month are bound for destinations west of the Suez Canal — mostly to Europe as well as the US and Brazil.
  • As refiners in the EU have been seeking alternative supplies following the ban on Russian crude imports, Angolan crude exports heading on western routes have nearly doubled compared to last year’s figures.
  • As a consequence, fewer barrels are going to China, typically its largest customer. Last February, China received around 55% of Angola’s crude exports. This month, it’s just more than 40%.
  • In the gas market, all of Angola’s LNG exports since November have headed to Europe with non to previous destinations such as India, Pakistan, and Singapore.
Energy BulletsCommodities
Energy BulletsCommodities

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