Monday, April 24, 2023

West African Crude Shifts from China and India to Other Nations

 S&P Global published on 21 April 2023 an article titled "Priced Out by Russian Oil, African Producers Find New Customers Post-war."

West African crude producers, especially Nigeria, Angola, and Congo-Brazzaville, have been forced to find new markets for their oil since the Ukraine war because China and India are now buying cheap Russian crude.  As a result, more West African crude is going to North America, Netherlands, Singapore, and the UK.  Russia has become the top crude supplier to China and India.  West African crude now accounts for only 9 percent of China's imported oil.