W.Africa Crude - Weak demand weighs on differentials

LONDON, July 2 (Reuters) - West African crude differentials remained under pressure from weak demand on Thursday.

  • Traders this week have said that the lack of demand from China and the slow pick-up of flows through the Strait of Hormuz have weighed on differentials, leading to a slide in the West African crude market.

  • In June, Nigeria exported 1.24 million barrels per day, according to data from Kpler, its highest since February this year. Angola exported 1.08 million bpd for the month.

  • In wider news, Nigeria has become the first OPEC member to join the International Energy Agency as an associate member. As it isn't a full member, it will not have to meet the IEA's requirement to hold oil stocks equal to 90 days of the previous year's net imports.


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