The reduction in Chinese oil demand as a result of the coronavirus has taken its toll on African exports. West African exports to China were 1.1 million barrels per day in February, according to OilX, down by 400,000 bpd from 2019 volumes. IHS Markit estimates Chinese demand has dropped by more than 1.4 million barrels per day from 2019 levels. Reduced Chinese demand has taken a toll on prices. Over the year, it reduced its demand increase to 1mn bpd, down by 300,000 bpd from its prediction in January.

Source: The North Africa Journal February 12, 2020 16:30 UTC