LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Indian buying helps offset drop in China's W.African oil appetite

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Feb 02, 2018
10:19 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Indian refineries booked the largest amount of West African oil to load per day in February since April 2015, helping to shore up a decline in Chinese buying, a Reuters survey of vessel fixtures and traders showed on Friday.

Indian refiners Reliance and Essar joined state-run Indian Oil Corp (IOC) in booking ships to ferry West Africa oil east, running the total up to 780,000 barrels per day (bpd) - close to a three-year high on a bpd basis.

Essar bought a cargo of Dalia from Angola`s Sonangol, while Reliance booked several ships to load Nigerian, Angolan and Congolese crude, the fixtures showed.

The purchases helped to offset a steep drop in bpd-loadings for China, which fell to 1.22 million bpd from a record of 1.59 million bpd the previous month. While China is still a key outlet, particularly for Angolan oil, its buyers have a wide range of options, and turning away even slightly makes more of it available to others.

"Demand for some grades was down from more regular buyers, so Angolan had to be priced low to move," one trader said.

This in part helped drive some of the Indian buying, sources said. While IOC is a regular buyer of West African oil, typically via tenders, Essar and Reliance tend to opt for the region`s crude only when it is particularly competitive.

Traders said a rush to clear out February-loading cargoes, along with some length in Angolan barrels as Chinese buyers backed away, helped lure the refineries.

The cargoes will also arrive in March and April, around the time refineries are concluding spring maintenance and looking to run full steam, traders said. ExxonMobil also booked West African oil to sail to Australia.

Total loadings of West African oil to Asia slid to 2.17 million bpd as a result of the slowdown from China, down from a record 2.39 million bpd in January.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Exclusive: Power Grid InvIT IPO to be launched soon; to be game-changer for company, Anil Singhvi says

Anil Singhvi’s Strategy March 5: Make or break levels at Nifty is 14,900-14,925 & Bank Nifty is 35,100-35,125

Realme GT 5G launched with 64MP triple camera setup and Snapdragon 888 chipset; Check price, India availability and more

COVID-19 vaccine shot available 24X7: Here's all you need to know!

Heranba IPO listing is a big success; now, experts unveil this money-making strategy - buy these stocks

Rakesh Jhunjhunwala picked Tata Motors for his portfolio during Covid Pandemic II Reasons Highlighted

#StockOftheDay: Know which stock Anil Singhvi recommended today and the reason behind it

Policybazaar.com IPO: Capital boost! Check latest news here

WhatsApp working on new self-destructing images feature

ESIC Recruitment 2021 Notification: Apply online at esic.nic.in for 6552 vacancies to be filled for UDC and Stenographer Posts

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved