Asia to Raise October West African Oil Imports to 48 Cargoes

Asian oil refiners plan to increase West African crude imports for next month to 48 cargoes, six more than September, according to a survey of six traders involved in the transactions.

Shipments totaling 46.1 million barrels, or 1.49 million barrels a day, will be exported from Angola, Nigeria, Chad, Equatorial Guinea and the Republic of Congo, according to the poll and an analysis of loading programs obtained by Bloomberg News. That compares with a revised volume of 40.3 million barrels, or 1.34 million barrels a day for September.

Chinese refiners will import 29 cargoes, five more than September, according to the survey. This includes 20 shipments bought by China International United Petroleum & Chemical Corp., known as Unipec, one more than this month.

Indian processors bought 11 shipments, two more than this month, according to the survey. Indian Oil Corp., the nation’s largest refiner, purchased 10 cargoes, compared with five this month, the survey showed.

Exports to Asia from West Africa in September will total 42 cargoes, the survey shows, up from earlier forecasts for 41.

Nigerian benchmark Qua Iboe reached a premium of $4.15 a barrel to Dated Brent on Sept. 6, the highest since July 9, 2008, compared with an average of $3.04 in August, according to data compiled by Bloomberg News. The grade was yesterday at $3.72 a barrel more than the benchmark.

Nigeria plans to export 2.04 million barrels a day of crude next month and Angola will ship 1.64 million barrels, Bloomberg calculations based on loading programs showed.

The following table shows details of planned Asian imports of West African crude. Each cargo ranges from 950,000 barrels to 1 million barrels.

            Number of Cargoes   Total Volume (B/D)
            Oct.      Sept.     Oct.        Sept.
China       29          24      898,548     767,333
India       11           9      340,323     289,167
Taiwan       6           5      188,226     161,167
Indonesia    2           3       61,290      95,000
Japan        0           1            0      31,667

Total       48          42    1,488,387   1,344,333
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