West Africa’s crude exports to Asia fall to seven-month low

Oil

West Africa’s crude oil exports to Asia decreased by 65K b/d m-o-m and 247K b/d y-o-y to 2M b/d in June, falling for the second month in a row to the lowest level since November 2020, Energy Intelligence reports. Eastbound loadings from Nigeria fell by 15K b/d m-o-m to a three-month low of 515K b/d, however exports to India jumped by 72K b/d m-o-m to 385K b/d, the highest level since February 2020, as Indian refiners looked to increase their throughputs to accommodate an anticipated pick up in demand during the second half of the year. Despite total shipments from Angola edging down by 6K b/d m-o-m to 956K b/d exports to China rose by 81K b/d m-o-m to 765K b/d.