Energy
0

China to Buy More African Crude

China to Buy More African CrudeChina to Buy More African Crude

China's loadings of West African crude oil were set to bounce back in November from a multi-year low hit the previous month, a Reuters survey of oil traders and shipping fixtures showed, due to more importing companies there and higher refinery margins. The boost helped press overall exports to Asia to 1.74 million bpd, a three-month high. But they remained anemic compared with earlier in the year. In April, a spike in buying in India pressed West African bookings to Asia to 2.4 million bpd, Reuters reported. China, a major buyer of West African crude oil, went cold as a buyer in October amid plummeting Asian refining margins and a buildup in stored oil. Buyers in Europe and the US stepped in, with the latter taking more than two dozen West African cargoes for October loading. But a bounce back in Asian refinery margins and a new slate of domestic Chinese refineries allowed to import oil helped boost demand for November.

 

Financialtribune.com