Oil Bargains for Asia Stretch to Mexico as Ships Set Sail

Ships carrying oil from Mexico are sailing to South Korea for the first time in more than two decades as the U.S. shale boom brings bargains from around the globe.

The voyage is evidence of the competition OPEC producers face as the U.S. pumps the most oil in more than three decades, exacerbating a global glut in supplies while demand slows in Asia. Refiners in South Korea and Japan ordered at least eight cargoes from the Latin American nation this year, including the most heavily discounted Mexican oil in two decades, according to company officials and shipping data compiled by Bloomberg.