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China's Imports of WAFR Crude Drop

Oil

China's crude imports from West Africa fell by 335 kb/d month-on-month and 359 kb/d year-on-year in November to 753 kb/d, the lowest since October 2011, according to latest customs data. Shipments from Angola were down by 250 kb/d on the month at 610 kb/d, the lowest since November 2013. This put the WAFR share of Chinese crude imports at just 11% in November, compared to an average of 16% in Jan-October 2015. China had cut purchases of WAFR crude in October due to falling Asian refining margins and a build up in stored oil, reported Reuters. In contrast, shipments from the Middle East rose by 260 kb/d month-on-month to 3.43 mb/d, 47 kb/d higher on the year. Volumes from the Caribs + LatAm were relatively unchanged on the month at 813 kb/d. Imports from Asian countries rose by 165 kb/d on the month and 239 kb/d on the year to 358 kb/d, the highest for at least 7 years. Total imports for November were up 448 kb/d on the month at 6.68 mb/d.