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Asian Refiners Purchase at Least 24m bbls of US Crude for Nov

OIL

Refineries in Asian countries, including South Korea, China and Thailand, have purchased at least 12 VLCCs, amounting to 24m bbls of US crude for November, according to Bloomberg sources.

  • The grades purchased were mainly WTI midland crude.
  • Asian buyers purchased higher volumes than usual of around 50m bbls of US crude for October deliveries, according to Bloomberg.
  • According to Reuters, the inclusion of WTI into Platts Dated Brent Benchmark, along with Saudi and Russian production cuts, has encouraged rising exports of WTI.

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