Low Chinese demand cuts Nigerian fows to India

摘要

Subdued Chinese crude imports are having an indirect efect on the amount of Nigerian crude fowing to the Indian market. India’s largest refner, IOC, recently closed a tender for crude loading in late August or early September, buying a slim 2mn bl of west African crude out of an overall purchase of 8mn bl. Of the 2mn bl, only one cargo was Nigerian — a shipment of very light sweet Agbami — with the other being Kole Marine from Cameroon. This is a radical shift from the refner’s usual buying patterns. Nige- rian medium and light sweet grades have traditionally been IOC’s preferred op- tions in its weekly or biweekly tenders — mainly Agbami, Bonny Light, Forcados and Qua Iboe. Nigerian grades accounted for a third of the roughly 740,000 b/d of sweet crude that was exported to India in the second quarter of this year, according to fgures compiled by oil analytics frm Vortexa.