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Nigeria resumes fuel import from China
The largest oil producer and exporter, in Africa, Nigeria reportedly has restarted the importation of fuel from China, the world’s top crude oil importer.
Starting from September, China began Shipping 37,000 metric tonnes of fuel to Nigeria marking it the first since July 2019, information available with the General Administration of Customs confirmed, in accordance with S&P Global Platts.
The Asian nation, a significant exporter of transportation fuels, has expanded exports to Africa in recent times.
In April 2018, GAC data reveals Togo the first African nation to obtain Chinese at 50,000 mt, and the giant of Africa, Nigeria in January 2019 at 51,000 mt.
The newest diesel exports from China to Africa have been in June, followed by South Africa and Kenya procuring 35,000 mt and 4,000 mt, respectively, in accordance with the information.
In 2019, yearly China’s crude oil imports heightened by 0.9 million barrels per day to a standard of 10.1 million bpd, in accordance with the USA Energy Information Administration.
The EIA documented in 2019, China’s recent refinery capability and strategic inventory stockpiling, together with flat domestic oil production, have been the main components providing to the rise in its crude oil imports.
The Asian country’s refinery capability elevated by 1.0 million bpd, mainly as a result of two new refining and petrochemical complexes arrived online with capacities of 0.4 million bpd each.
In consequence, the nation’s refinery processing additionally improved to an all-time high in 2019, averaging 13.0 million bpd for the 12 months, based on the EIA.
Nigeria has proceeded to depend closely on importation for a few years to fulfill its fuel needs as the country’s refineries linger in a state of wreckage.
Unequal demand recovery in Africa has run to a deviation in help for Asian transportation fuel markets as diesel and jet fuel needs diminish while demand for petrol stays strong, industry sources stated.
The downshift in Africa’s diesel and jet fuel market, particularly, has eliminated a big pillar of support from Asian center distillate markets after buoying them for many of the third quarter, the sources maintained.
The African continent attracts the largest portion of its petrol and middle distillate imports from the Mediterranean and Persian Gulf and a rise in demand sometimes gives indirect help to Asia, market sources mentioned.