Asia Crude Oil Import from US set to hit Record High

Business

The exports of the US crude oil to Asia are set to reach a new record high of 1.8 million barrels per day in November 2022, showed Kpler shipping data, as demand for crude oil increased on widening discount to oil across the globe.

Refiners in India, China, and South Korea are returning as large crude oil purchasers from the United States after months of purchasing cheap Russian barrels. The renewed purchasing of Asia reflects increasing demand for crude oil to produce diesel fuel.

South Korea is all set to draw at least 450,000 barrels per day, which is the country’s highest since December 2020 while crude oil demand from India is estimated to be the highest since March 2022, showed data. Both India and South Korea are growing in the face of higher tanker rates.

The refineries of China are stepping up production with the end of maintenance overhauls to lift staging exports of merchandise. There is a string global demand for diesel, which is encouraging refiners across China to start production.

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The overall US crude oil exports reached a record of 5.1 million barrels per day last week, which was boosted by high shale production.

Sandy

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