Shocking News: As Nigeria Resumes Petrol Importation From China Today.
Shocking News: As Nigeria Resumes Petrol Importation From China Today.
By Rowlandgate.
Nigeria , Africa ’s biggest oil producer and exporter , has resumed importation of petrol from China , the world’ s top crude oil importer. The Asian country shipped 37 ,000 metric tonnes of petrol to Nigeria in September for the first time since July 2019 , data from General Administration of Customs showed , according to S &P Global Platts . China , a major exporter of transportation fuels , has extended exports to Africa in recent years .
The first African country to receive Chinese petrol was Togo in April 2018 at 50 , 000 mt , followed by Nigeria in January 2019 at 51 , 000 mt , historical GAC data showed. Odogwublog.com
The most recent diesel exports from China to Africa were in June, with Kenya and South Africa receiving 40 ,000 mt and 35 , 000 mt, respectively , according to the data .
China ’s annual crude oil imports increased by 0 .9 million barrels per day in 2019 to an average of 10 .1 million bpd , according to the United States Energy Information Administration.
The EIA said China ’s new refinery capacity and strategic inventory stockpiling , combined with flat domestic oil production , were the major factors contributing to the increase in its crude oil imports in 2019 .
Last year , China ’s refinery capacity increased by 1 . 0 million bpd , primarily because two new refining and petrochemical complexes came online with capacities of 0 .4 million bpd each .
As a result , the country ’ s refinery processing also increased to an all -time high in 2019 , averaging 13 .0 million bpd for the year , according to the EIA .
Nigeria has continued to rely heavily on importation for many years to meet its fuel needs as the nation ’s refineries remain in a state of disrepair.
Uneven demand recovery in Africa has led to a divergence in support for Asian transportation fuel markets as diesel and jet fuel requirements weaken while demand for petrol remains robust , industry sources said . The slowdown in Africa ’s diesel and jet fuel demand , in particular , has removed a significant pillar of support from Asian middle distillate markets after buoying them for most of the third quarter , the sources said.
The African continent draws most of its petrol and middle distillate imports from the Persian Gulf and the Mediterranean , and an increase in demand typically lends indirect support to Asia, market sources said.
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