China will import record amounts of crude oil from West Africa in April. The OPEC’s supply cuts allowed other nations to attract the fast-growing Asian market, Bloomberg reported.
According to South China Morning Post, top West African producers Angola and Nigeria will export crude oil to China at the rate of 1.48mb/d in April, which is considered the highest rate since August 2011. Total Asian imports of West African crude are expected to reach 2.4mb/d during April.
The Organization of Petroleum Exporting Countries (OPEC) has been restricting the oil output to drain the worldwide glut that affected the crude prices for nearly three years. The 2017 OPEC’S cuts increased the Middle Eastern oil prices. Accordingly, Asia has been approaching other suppliers for crude, including Africa and the US.
KBC Advanced Technologies’ Principal consultant, Ehsan Ul-Haq, commented to Bloomberg, “In the absence of Middle Eastern barrels, there is no other alternative for Asian refiners than to remain on a buying spree to meet regional demand.”