A shipment of US oil is headed to South Africa for the first time in two years and destined for a Glencore-owned refinery in Cape Town, according to ship tracking data and a source.
A shipment of US oil is headed to South Africa for the first time in two years and destined for a Glencore-owned refinery in Cape Town that has restarted operations after an explosion shuttered it in 2020, according to ship tracking data and a source.
US oil exports this year hit a record 4.5-million barrels per day as competitive pricing for US grades and China's reopening after Covid-19 have fuelled global demand for oil. Tanker Sonangol Porto Amboim, carrying light sweet oil, left Corpus Christi, Texas, on May 16 for Saldanha Bay on the west coast, according to ship tracking information from Refinitiv Eikon and energy data provider Kpler.
South Africa gets most of its oil from West and Central Africa, as well as Saudi Arabia, according to Kpler data. But competitive pricing for US crude and changes to oil flows since Russia's invasion of Ukraine have opened new markets. The last shipment of US oil went to South Africa in May 2021, US customs data showed.
The 850,000 barrel-cargo of West Texas Light was purchased by Swiss commodities trader Glencore, a person familiar with the matter said.
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