OpeOluwani Akintayo
with Agency report
15 January 2018, Sweetcrude, Lagos — Japan and South Korea may have dumped West African crude oil grades, data obtained from Reuters have shown.
According to the shipping fixtures, both countries did not order any of West African’s crude oil grades in December and January.
However, order from China and others showed that more West African crude oil grades are being exported to the east in January.
According to the loading data, China is importing the largest volumes, increasing overall fixtures to the east to their highest in at least 14 years.
China’s loadings are expected to jump to more than 20 percent from December to more than 1.5 million barrels per day in January, the highest since September: 37 percent above the same month last year.
“There’s certainly a large pull from China. Demand has been good and the runs have been high” Michal Meidan, Asia analyst with Energy Aspects had told Reuters.
China had the highest import volume, 52 cargoes for January, 43 in December. India ordered the second highest for January, 16 cargoes, 17 in December.
Indonesia had just two cargoes for January, two cargoes down from December, while Taiwan had two cargoes for January and two in December.
About six cargoes fell under the category of “others” for January.
