As OPEC prepare to meets soon to consider production cuts with the pandemic resurging in Europe and Asia, the oil fortunes of Africa’s oil giants, Nigeria and Angola, present diverging postures, a trend Financial Post (FP) said highlights both the unevenness in demand and concerns about supply as the Organization of Petroleum Exporting Countries (OPEC) and its allies prepare to meet in a few weeks to determine the future of their production cuts.

FP noted that Nigeria has slashed prices while struggling to attract buyers in Europe, its main export market where demand is faltering. Meanwhile, Angola — closely linked to China — has had little trouble finding refiners to take its crude as the Asian country revives its purchases, the medium said.

Much of Angola’s oil is a heavy-to-medium variety favored by China’s refineries, while the majority of Nigeria’s oil is a lighter type that is mostly processed in Europe. Nigeria’s crude loading schedules released for December so far show that planned exports are down by about 10% on a monthly basis.

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Source: OrientEnergyReview