Nigeria’s crude exports to Asia reach one-year high

Oil

Nigeria’s crude oil exports to Asia increased by 175K b/d m-o-m to a one-year high of 612K b/d in April, supported by loadings to Indonesia which rose by 64K b/d m-o-m to 95K b/d, the highest level since May 2020, Energy Intelligence reports. Eastbound exports from Angola declined by 30K b/d m-o-m and 63K b/d y-o-y to 958K b/d, however demand from China grew by 120K b/d m-o-m to a four-month high of 830K b/d. Despite falling by 367K b/d y-o-y to 2.19M b/d the total volume of West African crude shipped to Asia increased by 138K b/d m-o-m, with exports to China rising by 108K b/d m-o-m to 1.14M b/d after falling to a one-year low during the previous month. Indonesian demand also edged up by 3K b/d m-o-m to 127K b/d, the highest level since February 2020, whereas purchasing from India tumbled by 158K b/d m-o-m to 494K b/d.