Business / Industries

African oil flows shifting to Asia as US imports drop

(China Daily) Updated: 2013-01-09 14:15

Oil shipped to China from West Africa will rise again in 2013, hastening a shift in trade flows to Asia from the Atlantic region as United States crude imports fall further, according to Arctic Securities ASA.

China will boost imports of West African crude by 18 percent in 2013, above last year's 16 percent gain, according to the Oslo-based investment bank. That will offset a predicted drop in US seaborne imports, lifting global ton-mile demand for oil tankers by an estimated 3.4 percent even as the amount of crude carried at sea remains stable and the fleet expands, Arctic said.

China Daily - Agencies

Hot Topics

Editor's Picks