African Oil Exports to China Plunge in July

China’s crude oil imports from Africa fell sharply last month with demand expected to remain flat through the third quarter. Overall, shipments from African exporting countries fell 5.1% from June and but plummeted 41.5% compared to the same time last year.

Africa’s largest oil producer, Angola, led the way with deliveries to China falling 20.7% in July and 18.9% compared to July 2020.

Analysts blame the drop on China’s slowing economy brought on by the resurgence of COVID-19.

Read more on the story on the S&P Global website.

by Eric Olander

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