Last Updated : 21 November 2012 at 14:50 IST
Nigeria, Angola sweat it out against US Shale Oil
Source :Reuters
For the month of November, imports of West African crude has dipped to 1.49 million barrels a day which is down by 10% on October. But for the month of December, the purchases are at around 1.75 million bpd, according to data compiled by Reuters.
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MUMBAI (Commodity Online): Nigeria and Angola have a new competition in oil exports which is pretty indirect. US!
With growth refusing to die down in China and India as well as some Asian economies, the West African sweet crude is getting diverted to these nations at lower margins.
This is mainly because production of shale oil catering to US domestic demand means less of demand from that side.
For the month of November, imports of West African crude has dipped to 1.49 million barrels a day which is down by 10% on October. But for the month of December, the purchases are at around 1.75 million bpd, according to data compiled by Reuters.
Refiners in China, India and Indonesia have bought more than 660 West African crude oil cargoes this year; a record 1.72 million bpd. This compares with 600 cargoes in 2011 and 656 cargoes in 2010.
“Chinese traders have been hoovering up cheap West African cargoes on something of a buying spree,” said a strategist with a large U.S. oil refiner to Reuters. “Demand from the Gulf of Mexico, South America and Europe has been low, so the Chinese have been in the market, mopping up.”
The oil from West Africa is typically sweet which means it contains less of corrosive sulphur compounds and also helps economy with distillates such as kerosene.
