Exports of Algerian crude grade Saharan Blend jumped sharply last month, driven by a rise in demand from French refineries.
Total exports of the light sweet crude rose by 31pc on the month to around 445,000 b/d in February, according to Argus tracking data. Loadings in January were just 341,000 b/d, the lowest level since November 2022.
Some 348,000 b/d of February-loading Saharan Blend was shipped to northwest Europe and the Mediterranean, up by 26pc compared with January. Around a third went to France alone, while Ireland took its first cargo of Saharan Blend since June 2018.
Loadings to France surged to 111,000 b/d in February after hitting a multi-year low of 20,000 b/d in January. Spring refinery maintenance in France is light this year, leading to a total of nearly 980,000 b/d of crude arriving in January-February, up from an intake of 850,000 b/d in the same two-month period last year, Vortexa data show.
The increased interest for Saharan Blend from France's refineries last month coincided with a drop in deliveries of Nigerian grades. Around 112,000 b/d of Nigerian crude arrived at French ports in February, down by 35pc from January, according to Vortexa.
The boost in French demand supported Saharan Blend price differentials in January, when most February-loading cargoes traded. The grade was assessed at an average premium of 97¢/bl to the North Sea Dated benchmark in January, up from a 36¢/bl premium in the previous month.
Exports of Saharan Blend to Asia-Pacific jumped by 86pc on the month to 72,000 b/d in February, after a 2mn bl cargo loaded onto a VLCC for South Korea. January-loading exports to the region comprised just one Suezmax-sized shipment to India.
Loadings to the Americas inched down by 3pc on the month to reach 25,000 b/d in February. Just one cargo went transatlantic in both January and February, after a hiatus in December.
