West African crude loading for Asia to slip in January

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A Reuters survey of traders and shipping data showed last Thursday that West African crude loading for Asia is expected to slide more than 10% in January as some buyers opt for regional grades or cargoes in floating storage, Reuters reports.

Some 1.808 million barrels per day (bpd) are scheduled to load from Nigeria, Angola, Ghana and other West African producers over the coming month, down from December’s 17-month high of 2.1 million bpd.

Demand was still good, with buyers in China underpinning price differentials for Angolan oil in particular, but the slip highlighted the fierce competition for Eastern buyers in an oversupplied oil market.

 

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