Asia’s crude oil buyers pivot towards US crude

Crude oil buyers in Asia dialed up their efforts to diversify supply this year, after Iranian barrels became off limits and repeated attacks endangered Middle Eastern oil supply chains, Gawoon Philip Vahn writes. This is the third article in a series examining key energy sector trends, ahead of the S&P Global Platts Global Energy Awards. Major energy consumers including India, South Korea and Japan, as well as multiple Southeast Asian buyers, are increasingly shifting their focus to North American barrels to cover growing supply disruption risks in the Middle East. Asian refiners have been under constant pressure this year to secure adequate crude supply as geopolitical tensions in the Middle East significantly raised the region’s energy security concerns. The US sanctions blocking access to abundant Iranian crude supply, as well as a series of attacks on oil tankers and key output facilities in the Persian Gulf, meant many regional refiners that rely heavily on Middle Eastern sour crude grades were kept on their toes. South Korea, China, Japan and India were among the eight countries granted a waiver in November 2018 allowing imports of Iranian barrels to continue until May 2, 2019. But with no further extensions beyond that date… continue reading

Continue reading Asia’s crude oil buyers pivot towards US crude. This article appeared first on CTRM Center.

Source: CTRM Center

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