Chinese oil refiners are increasing purchases of African and Brazilian crude as falling shipping costs make supplies from these regions more attractive.
The shift comes as competition for Russian oil intensifies and disruptions to Iranian supplies push some Chinese buyers to seek alternatives.
According to OilPrice.com, Chinese refiners have shown interest in crude from Angola and Equatorial Guinea, alongside Brazilian supplies.
Lower freight rates have improved the economics of transporting oil from these producers to China.
However, cheaper shipping has not necessarily meant cheaper crude.
Some cargoes for December delivery reportedly attracted premiums of up to $20 per barrel above Brent, reflecting competition for available supplies.
The development could create opportunities for African oil exporters seeking stronger demand from China.
Nigeria may also benefit from increased interest in West African crude, although the reported purchases do not confirm additional orders for Nigerian oil.
Source: OilPrice.com
