Outlook Improves for West African Crude, But Sellers Cautious

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
Blue Planet Studio/Shutterstock
  • Sentiment improves on lower freight costs and pickup in Chinese refinery appetite.
  • Market awaits Nigeria's official selling prices.
  • Angola's exports in March fall to a multi-year low.

The outlook for West African crude is improving as the market gears up for trading in June loading cargoes. Some sellers are hiking offers in anticipation that lower freight costs and a revival of Chinese demand will stimulate more purchases.

Oil Supply, Oil Trade, Crude Oil
Wanda Ad #2 (article footer)
May was a pivotal month for Opec-plus, which has now removed 1.5 million b/d of crude from global markets since October.
Fri, Jun 9, 2023
Iran and the US have rejected reports that they are close to reaching an interim agreement that would provide some sanctions relief to Tehran.
Fri, Jun 9, 2023
The extra Saudi output cut helps tighten inventories and markets, which could keep prices in the $70-$100 range for the next three years, exec says.
Thu, Jun 8, 2023