Lates News

This month, Asian buyers have purchased a large amount of American oil in what is the largest scale purchase in three years. According to traders, a series of recent purchases have resulted in a total of approximately 60 million barrels of American crude oil being shipped to Asia in April. Data provided by Kpler and Vortexa shows that this is the highest monthly level since April 2023. As the world's largest oil-producing country, the United States is one of the beneficiaries of this surge in demand and price increase. Traders say that the prices of some of the goods are about $18 per barrel higher than the Dubai benchmark oil price, but significant fluctuations in benchmarks this week have complicated the pricing process. In contrast, in similar trades last month before the war, the premium over the Dubai benchmark was $5 to $6 per barrel. However, this oil may not provide a quick solution to the current crisis in Asia, as goods shipped in April from the United States typically take about two months to reach their destination. The number of 60 million barrels may further increase as the window for purchasing American oil shipped in April will continue for some time.