Asia Gobbles Up Cheap U.S. Crude At OPEC’s Expense ...Middle East

OILPRICE - Economy
Asia Gobbles Up Cheap U.S. Crude At OPEC’s Expense
source : OILPRICE ( Middle East ) () 25
Asian buyers have bought a substantial amount of cheap U.S. crude on the spot market, suggesting that demand for Middle Eastern grades will be lower in the immediate future, Bloomberg reports, citing traders. According to them, South Korean and Indian refiners had bought some 16 million barrels of U.S. crude on the spot market so far this month, with most of the oil to be delivered in November. That’s twice as much as they bought in July but still a little less than they bought over the first five months of the year. The price differential…

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