After a brief, as it turns out, reversal of fortunes, crude oil exports from West Africa have turned negative once again, during the first half of 2026. In its latest weekly report, shipbroker Banchero Costa said that “after a marginal decline in 2024, when global crude oil loadings decreased by -0.2% y-o-y, things picked up in 2025, with full-year volumes increasing by +1.8% y-o-y. In Jan-Jun 2026, however, global crude oil loadings declined by -6.1% y-o-y to 1,016.4 mln tonnes, excluding all cabotage trade, according to vessels tracking data from LSEG. Exports from the Arabian Gulf plunged by -30.7% y-o-y to 299.7 mln t in Jan-Jun 2026, and accounted for 29.5% of global seaborne crude trade, down sharply from the historical norm of about 40%, reflecting the ongoing war in the Persian Gulf. Exports from Russian ports (including oil of Kazakh origin) edged up by +3.5% y-o-y to 117.1 mln t in Jan-Jun 2026, or 11.5% of global trade. From South America, exports surged by +31.5% y-o-y to 137.6 mln t. From the USA, exports increased by +20.5% y-o-y to 107.3 mln t in JanJun 2026. From West Africa, exports decreased by -10.4% y-o-y to 78.2 mln t. From ASEAN exports jumped by +14.7% y-o-y to 59.8 mln t in Jan-Jun 2026 (this includes trans-shipped Iranian, Russian cargoes)”.
According to Banchero Costa, “in terms of demand (measured by arrival at discharge ports), the top seaborne importer of crude oil in Jan-Jun 2026 was Mainland China, accounting for 20.5% of global trade. Volumes into China decreased by -14.2% y-o-y to 209.5 mln t in JanJun 2026, from 244.1 mln t in JanJun 2025. Imports into the EU27 up by +1.7% y-o-y to 227.6 mln t, accounting for 22.3% of global trade. To ASEAN, imports decreased by -9.7% y-o-y to 129.8 mln t. Imports to India declined by -0.3% y-o-y to 119.3 mln t in Jan-Jun 2026. To South Korea, imports declined by -18.5% y-o-y to 56.7 mln t. To Japan, imports fell by -22.5% y-o-y to 44.1 mln t in Jan-Jun 2026. Imports into the USA up by +8.9% yo-y to 62.8 mln t in Jan-Jun 2026”.
“West Africa as a region is now the fifth largest exporter of crude oil in the world, after the Arabian Gulf, Russia, South America, and the United States. It accounted for 7.9% of global crude oil exports in 2025. Total crude oil loadings from West Africa in the 12 months of 2025 increased by +2.0% y-o-y to 175.2 million tonnes, according to revised vessels tracking data from LSEG. The trend had been negative for many years, and after a brief rebound in 2025 it has resumed. Exports from W. Africa decreased by -10.4% y-o-y in Jan-Jun 2026 to 78.2 mln t, from 87.3 mln t in Jan-Jun 2025”, the shipbroker said.
Banchero Costa added that “in terms of individual countries, the biggest exporters in the region are Nigeria and Angola. Nigeria exported 28.3 mln t in JanJun 2026, down -13.1% y-o-y. Angola exported 24.7 mln t in Jan-Jun 2026, down -3.3% y-o-y. Other major crude oil exporters in the region are Congo-Brazzaville with 6.1 mln t in Jan-Jun 2026 (-2.5% y-o-y), Cameroon 4.9 mln t (+3.1% yo-y), Gabon 4.5 mln t (-18.4% y-o-y), Senegal 2.6 mln t (-10.2% y-o-y), Ghana 2.1 mln t (-21.5% y-o-y), Benin 2.0 mln t (+17.4% y-o-y), Cote D’Ivoire 1.3 mln t (-51.7% y-o-y), Eq. Guinea 0.9 mln t (-38.0% y-o-y). West African crude oil exports are split almost evenly between the two largest vessel classes: 49% loaded on Suezmaxes and 48% on VLCCs in JanJun 2026, with 2% on Aframaxes. Trade patterns for West African crude oil exports tend to be quite long haul, with the majority of volumes going to Asia and Europe. Mainland China and the EU are now neck-and-neck as the top destination. The EU accounted for 25.5% of volumes shipped from West Africa in Jan-Jun 2026, marginally ahead of China at 25.0%. Exports from West Africa to China fell by -30.9% y-o-y in Jan-Jun 2026 to 19.6 mln tonnes — the lowest first-half volume in the record and well below the 36.3 mln t of Jan-Jun 2020. Shipments from West Africa to the EU declined by -16.1% y-o-y in JanJun 2026 to 19.9 mln t. Another 14.6% of shipments were sent to the ASEAN region, 11.7% to India, and 2.6% to the USA”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
