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Demand for crude oil increases as European customers storm the market.



40 Secs Read 


An increase has been recorded in the market activities of West Africa following the demand for Nigerian crude by European customers.

Oil traders  also confirmed rising demand for Angolan cargoes by Chinese independent refiners .

Traders noted that the  drop in freight rates for shipping West African crude to China is partly behind the pickup , but the so - called teapots that have started stocking up again after a break in December.

Meanwhile, the benchmark ‘ very large crude carrier ’ rate for the West Africa - Asia journey has drastically reduced to its lowest since September , having hit three- year highs in November , which dealt a blow to demand particularly for Angolan crude .

Reports has it that  a dozen of  Nigerian cargoes is  still believed to be available for sale but this is down from closer to 20 at the start of the week.

In the same vein,Minister of State for Petroleum, Emmanuel Kachikwu , said Nigeria produces  1 . 78 million barrels of crude oil per day

Kachikwu also said  the country was expecting output from Egina oilfield to reach 150 , 000 barrels per day by the end of the month which could increase output.

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