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Growing Oil Glut Spurs Asian Refiners to Offer Cargoes to the US

Bloomberg.com · last updated

Oil output from Persian Gulf nations is ramping up so quickly as the Strait of Hormuz reopens that Asian refiners, already adequately supplied, are pushing some crude to destinations as far afield as California.

While Asia is typically the biggest taker of Middle Eastern crudes, refiners have been inundated as the interim US-Iran peace deal allows the United Arab Emirates, Kuwait, Qatar and others to restore production, while top importer China has remained on the sidelines. As a result, some processors are now offering cargoes west, according to traders familiar with the matter.

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