Nigerian August crude export volume to China spikes


LONDON, Sept 2 (Reuters) – 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 ramps up its gasoline exports.

* VLCC Athenian Success is bound for Lanshan after loading Akpo and Egina in the last 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 surged 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 September.

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

* More Asian gasoil is expected to head to Europe as buyers take advantage of the biggest seasonal price gap between the two regions in at least seven years.

* India’s IOC issued two tenders for loading Oct. 11-20 and Nov. 1-10, set to close on Wednesday.

* While U.S. sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month.

* Top oil exporter Saudi Arabia is expected to raise prices for light crude grades it sells to Asia in October on stronger Middle East benchmarks and gasoil margins, several trade sources said on Monday. (Reporting by Noah Browning; Editing by Mark Potter)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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