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SSY News
 WEST AFRICAN CRUDE HEADS EAST AT RECORD LEVELS |
02-02-2010 |
Strong demand from China and India has ensured that West African crude headed east at an average of 1.72 mbpd in January, reports Argus. Chinese imports accounted for 1.04 mbpd of shipments, whilst exports to India averaged 590 kbpd, a record high. February’s loading schedules suggest that volumes will continue to flow eastwards at a rapid rate, with 1.58 mbpd of West African crude due to be exported to the Asia-Pacific region this month. Chinese demand is particularly strong at the moment as refiners build stocks ahead of the country’s New Year celebrations, whilst new refining capacity in India has contributed to January and February demand for West African crude that is almost 240 kbpd higher than during the same period last year.
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