February 2017 was the largest amount of crude sent from West African oil producers to Asia in the last five year
According to Bloomberg analysts, February 2017 will see the greatest amount of West African crude exported to Asia since August 2011. It is expected that 2.19mn bpd will sail across to Asia over the course of the month. China and India are expected to be the largest importers of the West African crude.
“Production cuts have led to the shortage of Middle Eastern oil in Asia,” said Ehsan Ul-Haq, principal consultant at KBC Advanced Technologies. “As a result, regional refiners have been forced to buy crude from the West.”
Angola, who recently became Africa's largest oil exporter, and Nigeria, now the second largest, falling one place, are exporting the largest amount. This amount has increased from 1.79mn bpd to 2.19mn bpd. This data was compiled by Bloomberg show. "This month’s figures may still increase, since Trafigura Group and Vitol Group still hold cargoes totaling 3.74 million barrels, which are likely to be shipped to Asia, according to three traders with knowledge of the matter."
China have increased imports from West Africa from January by around 14 per cent while India's imports have increased over a third (39 per cent) to just under 700,000 bpd.
