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Published On: Tue, Jan 31st, 2017

Nigeria To Lead Continent’s Oil Supply To Asia As OPEC Cuts Deepens

Nigeria and Angola would be at the forefront of new supplies to Asia amounting to 2.19 million barrels a day by February, according to a Bloomberg report.
The February delivery which compares with 1.79 barrels supplied in January, according to Bloomberg data. Next month’s figures may still increase, since Trafigura Group and Vitol Group still hold cargoes totaling 3.74 million barrels, which are likely to be shipped to Asia, according to three traders with knowledge of the matter.
According to Bloomberg, shipments on the trade route, among the longest for supertankers, are set to soar to 2.19 million barrels a day in February, the highest level since at least August 2011, according to data compiled by Bloomberg from traders. China and India will be the biggest buyers. In recent weeks, a similar picture emerged from both the North Sea, where unprecedented eastbound flows have been observed, and also the U.S.
China’s monthly crude imports from across the globe surged to a record 36.4 million tons, or 8.6 million barrels a day, in December, the latest customs data show. Oil refining in the country also rose to a record that month, and a blast of cold weather in recent weeks has boosted fuel demand in North Asia.
China is set to import 1.3 million barrels a day in crude oil from West Africa in February, a 14 percent increase from January, the data show. Buyers include Sinochem Group, PetroChina Co. and Unipec, the trading arm of China Petroleum & Chemical Corp.
India’s monthly imports from West Africa are poised to increase by 39 percent, to about 692,000 barrels a day, the most since August, loading programs show. Crude imports in India, the world’s fastest-growing oil market, rose by 10 percent to about 18 million tons a month last year.

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