Asian Refineries Divert Oil to US Amid Crude Supply Glut

Deep News13:00

The resumption of shipping traffic through the Strait of Hormuz has led to a swift increase in crude oil production from Persian Gulf nations. With Asian refineries already well-supplied with crude inventories, they are now compelled to sell portions of their crude as far away as California and other regions.

Traditionally, Asia has been the largest purchaser of Middle Eastern crude. However, following the implementation of a temporary peace agreement between the US and Iran, countries like the United Arab Emirates, Kuwait, and Qatar have restored their crude production capacity. This has resulted in a severe oversupply for Asian refiners. Multiple informed traders have disclosed that some refining companies have shifted to selling crude cargoes westward.

Traders who wished to remain anonymous indicated that UAE crude grades are being marketed to the US West Coast. Data from shipping analytics firm Kpler shows that the US West Coast has not imported any UAE crude since late last year. The traders also noted that similar Middle Eastern crude is being offered to Hawaii. If a deal is concluded, it could mark the first shipment of Middle Eastern crude to that location since 2018.

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