Asia-Pacific demand for west African crude remains firm, as refiners counter fuel shortages in China and build up depleted inventories. Eastbound exports of west African crude will be 1.29mn b/d in March, down on February, but higher than 2007 shipments of 1.21mn b/d. Chinese demand for March west African crude is 860,000 b/d, down on February's record of 1.05mn b/d, but still above 2007 imports of 680,000 b/d. China's refiners are buying more west African crude to deal with domestic fuel shortages. This follows run cuts by the country's 1mn b/d independent refining sector, which has been struggling with negative margins because of high prices for straight-run fuel oil, its principal feedstock.
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