ET:West Africa on course for record oil sales to Asia
LONDON: Asia is set to import record volumes of West African crude oil this year as Chinese buyers come into the market to fill inventories.
Imports of West African crude oil by Asian end-users have dipped to 1.49 million barrels per day (bpd) this month, down more than 10 per cent from October, but their purchases for December have recovered sharply to around 1.75 million bpd, according to data compiled by Reuters.
A Reuters survey of trade and shipping sources shows refiners in China, India, Indonesia and other Asian countries have bought more than 660 West African crude oil cargoes this year, carrying a record 1.72 million bpd.
This year's total is up from just under 600 cargoes in 2011 and compares with 656 cargoes in 2010, the previous record year.
