Nigeria sees more crude head to China

In a sign of increased Asian interest lately, two VLCCs carrying Nigerian Akpo and Egina crude are en route to China. China took nearly 3 million barrels of Nigerian crude in August, over three times the average monthly rate in 2019.

Nigerian Bonny Light is still being offered at a nearly $3 premium compared with dated Brent, but sluggish European gasoline cracks made one buyer say cargoes to the continent probably would not trade at any more than $2.50 over.

Source: Reuters

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