Recent shifts in the relative price of different crude grades have dealt oil exporters from the vast Atlantic Ocean basin the best chance in months to sell to top consuming region Asia, but sales have been sluggish as COVID-19 fears cool demand.
Brent crude's premium to Dubai quotes sank to $2.56 a barrel last week, the lowest since March, making the export of Atlantic Basin crude oil grades more attractive for Asian buyers, according to traders and Refinitiv data.
Sales of Nigerian and Angolan oil to India have picked up along with sales of U.S. WTI Midland crude to East Asia. "We've seen an arbitrage window open, and demand from India and some markets further East has been encouraging in recent weeks, so that's kept offers high," said one seller of West African crude oil.
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