Asia Ramps Up Oil Imports from Nigeria and Angola Amid Middle East Disruptions
Asia’s crude oil shipments from Europe and major West African producers are set to increase by about 200,000 barrels per day in March, lifting total imports to roughly 3.72 million bpd, according to data from industry trackers. Tensions around Iran have effectively closed the Strait of Hormuz, cutting an estimated 10 million barrels per day from global supply and sending benchmarks sharply higher. The Dubai price hit a record $169.75 per barrel, surpassing the 2008 Brent peak, as buyers bid up scarce cargoes. Analysts at a leading investment bank warn that stronger Asian demand is crowding out European flows. U.S. Midland crude is trading at an unprecedented $9.50 premium to Brent for Europe, while North Sea Forties crude commands a $7.20 premium amid tight prompt supply. Nigeria’s state oil company has boosted exports, sending 950,000 barrels of its new Cawthorne Blend via the country’s first new export terminal in five decades. The shift underlines how geopolitical strains are reshaping global oil routes and driving prices to historic highs.
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