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Feb Purchases of West African Crude Suggest Improving China Demand

OIL

Sales of West African crude for February loading have increased in recent days according to Bloomberg sources, signalling a pickup a demand.

  • They report increased purchases from Exxon Mobil Corp., Phillips 66, and China’s Unipec. Unipec purchased between three and four shipments of West African crude so far this week, alongside other supplies from the US and the Middle East.
  • The increase suggests improving demand for the crude after a previous slow start to the February trading. The demand increase could be a signal of increased demand from China with new import quotas and the expected recovery due to easing covid restrictions.
  • About four-fifths of Angola’s crude for February loading has been sold and three fifths of the Republic of the Congo’s Djeno crude, which is typically sent to Asia.
  • Nigeria however is struggling to find buyers with almost half of the 44 shipments scheduled still unsold.
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