Russia’s invasion of Ukraine has caused one of the biggest upheavals to global petroleum markets in living memory. It still isn’t resulting in a clamor for replacement barrels from west Africa.
Many of the region’s April oil cargoes have yet to find a home because the three biggest customers China, India and Europe are buying less, according to traders specialising in West African barrels.
(Bloomberg) European oil refiners will probably be forced to cut production of gasoline and diesel as they rush to find alternatives to Russian feedstocks.