Atlantic basin crude takes the slow boat

摘要

Surging Chinese oil demand is increasingly dragging Atlantic basin crude east,raising China's exposure to benchmark dated BFO and reshaping traders' focus.China is widening its supply base to north Africa and Russia.Chinese refiners previously looked to the Mideast Gulf and Asia-Pacific,with west Africa acting as the key arbitrage supply region.Libya has started selling to China and is eyeing further sales.State-owned Sinopec takes around 20,000 b/d from Libya to the port of Ningbo.