Angola has seen an increasing demand for its crude oil as Nigeria's oil sector is met with a number of challenges
A recoil in buying of Nigerian oil as a result of force majeure and uncertainty in the country has led to a firm rise in demand for Angolan oil from major crude buyers China and India for July, a Reuters survey of shipping fixtures and traders showed.
India’s IOC has booked several grades of Angolan crude for July, including Cabinda and Girassol, as its favoured Nigerian Qua Iboe crude oil was under force majeure when the purchases were made.
China’s buying has also skewed toward Angolan grades, though state-backed refining company Unipec and teapot refiners typically process heavier crudes than India. Indonesian buying has also returned in force, with Pertamina taking four cargoes, including those booked by Total, Shell and Socar.