Africa's Oil Products Conundrum
The IEA projects African demand for oil products to reach 4 million bbl/d, a 645,000 bbl/d growth, which will outstrip domestic production of just 3 million bbl/d by 2017. We believe capacity curtailments (plant shutdowns, strikes, sabotage) and uncertainty over new Nigerian legislation threatening foreign direct investments in the domestic petroleum industry are to blame for such imbalance. Subsequently, we expect the US to plug the gap and become major exporters of oil products to the continent.Short-term Oil Market Update April 2013
In March, the Brent prices averaged $109/bbl and remained within the $106-110/bbl volatility range, in line with Petrologica’s March forecast. In April, Petrologica revised its Brent oil price projection for 2013 from $110/bbl to $108/bbl. Projections remain at $108/bbl for 2014
Floater marketed contracted utilisation in April stands at 96%, no change compared with a year ago. Floater demand growth has been in the Ultra-deep (>=7500ft) and shallow water (<3000ft) market segments. Deepwater (5000 – 7499ft) and midwater (3000 – 4999ft) floater demand remained unchanged from a year ago and these market segments show signs of easing.
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