China has concluded plans to import 1.48 million barrels of oil from Nigeria, Angola and other West African nations this month,Aproko reports. According to loading programs, overall Asian imports of West African crude are poised to reach 2.4 million barrels a day this month.
An Organisation of Petroleum Exporting Countries (OPEC) survey showed that the global oil market has started to witness stability than in the past because of increased compliance to oil supply cuts. The Secretary General of the OPEC, Dr. Sanusi Barkindo, indicated in a presentation that to date, conformity with the decisions by all participating countries has been very encouraging.
He stated that for January 2017, OPEC and non-OPEC nations achieved a conformity level of 86 per cent while in February, the overall conformity improved further to 94 per cent. Barkindo disclosed that each participating nation needs to look at their individual voluntary contribution, and remember that the decisions taken last year were on the basis of fairness, equity and transparency.