Targeting the teakettles

摘要

West African crude sales to China neared a record high for April loadings, on firming demand from so-called teakettle refiners for heavier Angolan grades. Chinese imports of west African crude will top 1.25mn b/d this month, just 30,000 b/d short of a December 2013 record. Total west African flows to Asia- Pacific will be 2.02mn b/d, up by nearly 10pc from March (see graph). Angola will account for more than 80pc of west African shipments to China this month.