According to Jornal Económico, about 70 percent of April shipments from Angola and Nigeria still await buyers. Added to this scenario are the thousands of barrels that were scheduled to be exported in March, but have not yet been purchased.
Given the distance between West Africa and Asia, it is likely that the barrels exported in April will not reach China until May or early June. In this way, operators assess months of demand the volume of demand.
However, in recent weeks, the Covid-19 epidemic has caused China's demand to drop dramatically. As a result, crude flows from West Africa - including Angola - are expected to decrease by about a third this month.
