Chinese demand for west African crude rebounds

摘要

Rebounding Chinese demand for January west African crude ofset waning interest from marginal outlets to keep exports to Asia-Pacifc stable. Chinese refners bought 1.13mn b/d of January-loading crude, well above the multi-year low of close to 980,000 b/d the previous month (see graph). Re- newed Chinese buying ofered a lifeline to unsold Nigerian exports, following a slump in demand in Europe because of extended lockdown restrictions. Around 100,000 b/d of Nigerian crude departed for Chinese docks in January, after no such shipments were recorded during the previous two months.