October 5, 2016 / 4:20 PM / 10 months ago

China loads up on October W. African crude exports

3 Min Read

* Graphic: link.reuters.com/sav75v

    By Libby George
    LONDON, Oct 5 (Reuters) - Chinese loadings of West African
crude oil are set to accelerate over the course of October,
hitting their highest since April, according to a Reuters survey
of shipping fixtures and traders on Wednesday.
    A total of 36 million-barrel cargoes are expected to load
this month for destinations in China, a key buyer of West
African oil that had taken a breather from its usual pace in
September.
    October loadings for China are now planned at 1.1 million
barrels per day (bpd), up from September loadings that were an
eight-month low of 855,000 bpd. The bulk of the cargoes, as
usual, will come from Angola, though the bookings also include
Ghana's Jubilee and Ceiba from Equatorial Guinea.      
    "October is the end of peak refinery turnarounds in China
and runs are rising," said Michal Meidan, Asia analyst with
Energy Aspects, adding there were also more tanks for the
country's strategic petroleum reserve due to come into
operation. 
    China's bookings also slowed previously due to flooding in
July that impacted some Chinese refinery operations, and left
crude cargoes unconsumed, denting the need for further imports.
    Their increased pace in October means West Africa's crude
oil exports sailing east will hold at roughly 1.9 million bpd,
with slower buying from India on a bpd basis, and Indonesia
taking four cargoes, down from six. Fewer loadings also surfaced
from trade houses moving cargoes to Singapore or simply selling
to the best buyer available, which a string did for September
loading. 
    Among the 62 cargoes sailing east in October is the first
loading of Qua Iboe since July, which is sailing east aboard the
South Sea that loaded on Oct. 4.    

 COUNTRY     October      BPD '000s  September    BPD '000s
             cargoes                 cargoes      
 CHINA       36           1,103      27           855
 INDIA       17           521        17           538
 INDONESIA   4            123        6            190
 TAIWAN      2            61         2            63
 JAPAN       0            0          0            0
 S. KOREA    0            0          1            32
 OTHERS      3            92         7            222
 TOTAL       62           1,900      60           1,900
 
    
 (Reporting by Libby George; Editing by Mark Potter)

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