Economics
OPEC Clears Way for Cheap U.S. Oil to Sail to Biggest Market
- Saudi-led output cuts lift Mideast oil price vs U.S. benchmark
- U.S. Mars Blend, Southern Green Canyon oil seen coming to Asia
OPEC Helps Cheap U.S. Oil Find Its Way Into Asia
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Add Southern Green Canyon and Mars Blend to the growing list of American crude that’s challenging OPEC’s dominance in the world’s biggest oil market.
Cargoes of the two varieties produced in the Gulf of Mexico, which are heavier and more sulfurous than supply from U.S. shale fields, are poised to flow into Asia as they turn cheaper relative to similar-quality crudes from nations such as Saudi Arabia and Oman.