• Saturday, July 13, 2024
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West African oil exports to Asia set to rise in April


West African oil exports to Asia are set to rise to 2.05 million barrels per day (bpd) in April from 1.90 million bpd in March, a Reuters survey of traders showed on Monday.

Exports to China were seen at 1.045 million bpd, up from 950,000 bpd in March, while exports to India were expected at 633,000 bpd, against 490,000 in March, set to be their highest since August 2012, the data showed.

Expected exports to Taiwan, Indonesia and Japan were lower in April than in March.

Traders said that West African crude oil looks more attractive to Asian buyers now than it did earlier in the month.

The premium of Brent oil, against which Nigerian and Angolan oil is benchmarked, over Dubai has fallen from a peak of over $4.44 earlier in March to around $3.65 on Monday DUB-EFS-1M.

A trader said Angolan exports to Asia were set to be slightly lower in April than in March, while exports of Nigerian cargoes looked to be firmer for the later month.