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US Oil Exports Reduce OPEC, Russia Market Share
US Oil Exports Reduce OPEC, Russia Market Share

US Oil Exports Reduce OPEC, Russia Market Share

US Oil Exports Reduce OPEC, Russia Market Share

Record crude oil volumes exported from the United States will be heading to Asia in the next couple of months to take another piece of the market away from Russia and the Organization of Petroleum Exporting Countries' producers.
The United States is set to export 2.3 million barrels per day in June, of which 1.3 million bpd will head to Asia, a senior executive with a key US oil exporters estimated, Reuters reported.
Data from the Energy Information Administration show US oil exports peaked at 2.6 million bpd two weeks ago.  
The record outbound volumes come as US crude production hit all-time highs, depressing US prices to discounts of more than $9 a barrel below Brent crude futures on Monday, the widest in more than three years and opening an arbitrage for excess supplies to other markets.
The difference in the key benchmarks was a chance for Asian refiners to reduce light crude imports from the Middle East and Russia after Brent and Persian Gulf prices touched multi-year highs, traders in Asia said.
“We are diversifying a lot to other regions. If Saudi Aramco still does not reduce prices next month and Abu Dhabi National Oil Company follows, we will increase our US crude purchases,” a Southeast Asian oil buyer said.
In Asia, China—led by Sinopec, the region’s largest refiner—is the biggest lifter of US crude. The company, after cutting Saudi imports, has bought a record 16 million barrels (533,000 bpd) of US crude, to load in June, two sources with knowledge of the matter said.
India and South Korea are the next biggest buyers in Asia, each lifting 6 million to 7 million barrels in June, sources tracking US crude sales to Asia said.
Indian Oil Corp bought 3 million barrels earlier this month via a tender, while Reliance Industries purchased up to 8 million barrels, the sources said, although it was not clear if Reliance’s cargoes would all load in June.
The sources declined to be named due to company policies.

 

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