West Africa’s crude exports to Asia tumble in July

Oil

West Africa’s crude oil exports to Asia declined by 400K b/d m-o-m and 570K b/d y-o-y to 1.6M b/d in July, falling for the third consecutive month following competition from other regions as well as renewed COVID-19 restrictions in some major importing countries, Energy Intelligence reports. Eastbound loadings from Nigeria decreased by 139K b/d m-o-m to 376K b/d, with exports to India falling by 102K b/d m-o-m to 283K b/d, while shipments to Indonesia increased by 30K b/d m-o-m to 62K b/d. Exports from Angola declined by 153K b/d m-o-m to 803K b/d, with loadings to China falling by 24K b/d m-o-m to a four-month low of 741K b/d as Angola’s main customer drew from its strategic stocks and commercial inventories amid high global crude prices.