India Ups Demand for Nigerian Crude

By February 6, 2018 Investment News

More cargoes of Nigerian crude oil are now heading for India on a daily basis after loadings to China witnessed decline in recent times.
Reuters reported citing a survey of vessel fixtures and traders that Indian refineries booked the largest amount of West African oil per day in February since April 2015.

The purchases helped to offset a steep drop in bpd-loadings of Nigeria, including Angolan crude for China, which fell to 1.22 million bpd from a record of 1.59 million bpd the previous month.
The survey showed that Indian refiners, Reliance and Essar, joined state-run Indian Oil Corp (IOC) in booking ships to ferry a total of 780,000 barrels per day (bpd) West African oil to India.
The volume was close to a three-year high on a barrel per day basis.
While Essar bought a cargo of Dalia from Angola’s Sonangol, Reliance booked several ships to load Nigerian, Angolan and Congolese crude.

Source: Dailytrust