Global Energy Crisis Prompts Asia to Turn to U.S. for Oil
- U.S. crude futures trading around $3 barrel cheaper than Brent
- October exports seen surpassing 3 million barrels a day: ESAI
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Asian demand for U.S. oil is rising as the energy crisis boosts prices for other crudes that are priced against the global Brent futures contract.
China and other Asian buyers have been snapping up supertankers of American sour crudes for delivery in November and seeking more for December, according to traders. Most buyers are seeking U.S. grades that had recently slumped to the lowest levels in over a year, with an added incentive after China’s government awarded millions of tons of crude oil import quotas.