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Nigeria experiences increase in oil export volume to China in August

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A VLCC of Nigerian crude was seen bound for China, marking its biggest month of buying from Africa’s top exporter in years as it upgrades its gasoline exports.

VLCC Athenian Success is set for Lanshan after loading Akpo and Egina in the past few days.

The nearly 3 million barrels of Nigerian exports to China in the last 30 days are the most since the summer of 2015.

China’s gasoline exports in July pitched 75% from a year ago, with its products reaching as far afield as Nigeria and Mexico. A little over 10 Nigerian cargoes remained for export in the month of September.

Selling prices for some Nigerian grades were perceived to be roughly consistent with the official selling prices (OSPs), which had been marked down this month on slow European and U.S. demand.

It is expected that more Asian gasoil is to head to Europe as buyers take advantage of the largest seasonal price gap between the two regions in a minimum of seven years.

Source Energymixreport
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