BEIJING: Norway’s new oil grade is making inroads in Asia, threatening to undermine sales of similar crudes from Africa and South America.
Oil with low-sulphur content is in demand ahead of stricter ship-fuel rules that take effect Jan 1, while supply of medium-density crude has been tight due to the attacks on Saudi Arabia and US sanctions on Iran and Venezuela. Angolan and Brazilian oil accounted for 10% and 8%, respectively, of Chinese imports in the first eight months of the year, according to government data.“I have no doubt we’ll see a trend of more Norwegian flows to Asia, especially China, in the coming months,” said Sengyick Tee, an oil analyst at SIA Energy in Beijing.
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