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Singapore — South Korea's US crude imports in March surpassed the 10 million barrel/month mark for the first time in almost a year, as local refiners gradually favor North American barrels over Persian Gulf supply due to the extended uptrend in the Middle Eastern official selling prices, while the sharp rise in the Brent-Dubai price spread makes US supply attractive for Asian buyers. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now South Korea imported 1.448 million mt, or 10.61 million barrels, of US crude in March,...

Source: Saudi Aramco. This being said, Saudi Aramco decided on a 20-50 cents per barrel increase with its Asia-bound May 2021 prices. Interestingly, the heavier the grade the bigger was the month-on-month hike, with both Arab Heavy and Arab Medium witnessing 50-cent upward moves, fuelling speculation that spot trading will bring about deep discounts to the OSP. After a blatantly weak February (4.56mbpd), Saudi loadings en route to Asian customers remained tame in March 2021 at 4.58mbpd. Compared to January 2021 (5.36mbpd), Saudi exports to Asia have fallen by more than 10% over the course of ...

Asia’s fragile recovery path can ill afford oil upheaval, price gyrations Asia may have heaved a sigh of relief that a drone attack in Saudi Arabia left crucial oil infrastructure unscathed, but analysts told S&P Global Platts supply disruptions and high prices stemming from escalating geopolitical risk can choke the feeble economic recovery the region is witnessing after a pandemic-hit year. With Asia’s top oil importers largely dependent on the Middle East for bulk of their crude needs, analysts fear the rebound in oil prices to pre-pandemic levels of over $70 a barrel may squeeze the a...

Here are some selected news articles from the week ended 06 March 2021. Part 2 is available here. This is a feature at Global Economic Intersection every Monday evening or Tuesday morning. Please share this article - Go to very top of page, right hand side, for social media buttons. Fuel supplies drop most on record as US oil refining collapses, leading to largest ever jump in oil supplies Refinery utilization at an all time low, 10% lower than it's ever been; oil refined is least on record; record jump in oil inventories, record drop in gasoline inventories; distillates production at a 26 y...

Saudi Arabia said its largest oil export terminal at Ras Tanura in the Persian Gulf has emerged unscathed after being targeted in a March 7 drone attack in a series of strikes allegedly launched by Iranian-backed Houthi rebels from Yemen. The Saudi energy ministry said a petroleum tank farm at its Ras Tanura port was ...