Skip to content
Subscriber Only

Asian Buyers Turn to U.S. Oil Amid Uncertain Flows From OPEC

  • Saudi Arabia and Iraq have cut term volumes in recent months
  • American crudes are cheaper and tanker rates have fallen
Historic Oil Rout Breaks Shale, Trump's Energy Dominance
Photographer: Matthew Busch/Bloomberg
Updated on

As the OPEC+ alliance sticks to its guns in trying to curb oil output to shore up prices, Asian buyers are increasingly looking to the U.S. for a cheaper source of supply.

Refiners in the top crude-importing region have been forced to accept big reductions in their regular contracted volumes from producers including Saudi Arabia and Iraq in the past couple of months. They’ve also been taken aback by sharp swings in official selling prices.