India ups demand for Nigerian crude

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. 

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