West African top exporters reached a record high of 726.4mb total, in October, which is 45.45bm in total, higher than September, with Nigeria and Angola leading the charge, Rigzone reported.
Nigeria’s exports increased by 3.8mb in total, averaging 12,000b/d. Export flows toward European, American and East Asia increased by 6.4mb, while exports to Indian refiners continued to decrease in October. Additionally, exports from Angola increased by 7.6mb, averaging 25,000b/d, in October. China’s intake surged by 10mb after a period of decline during recent months, informed Reuters. Furthermore, China’s loadings of West African crude were set at their highest in November as the nation’s refineries raced to stock up and offset falling domestic oil production.
China’s November West African crude oil loadings, the bulk of it Angolan, are on track to reach 1.2mb/d, the highest since September 2014. December bookings are already expected to be similarly strong. The strong bookings to China helped to balance out a small decline in November loadings to India, Indonesia and elsewhere, holding overall West African exports to Asia at 1.9mb/d.
Independent refineries, known as teapots, are keen to import before the end of the year to ensure the government renews its import quotas in 2017. Therefore, some Chinese firms, including Unipec and CNOOC, have already booked spot cargoes of Angolan oil for December loading, on top of term cargoes that included seven awarded to Sinochem alone.