West African crude exports to Asia increase in February

Oil

West Africa’s total crude oil loadings to Asia rose by 112K b/d m-o-m to 2.26M b/d in February, Energy Intelligence reports. This is still a decline of 19K b/d y-o-y however. Shipments from Nigeria to Asia fell by 143K b/d m-o-m to a four-month low of 448K b/d. Exports from Angola rose by 105K b/d m-o-m but declined by 55K b/d y-o-y to 1.06M b/d. The monthly rise was driven by Indian purchases, which rose 112K b/d m-o-m to 173K b/d, the highest level since August 2019. Demand from China on the other hand, which typically accounts for around 70% of its exports was lacklustre, with exports rising just 20K b/d m-o-m.