Asian Refiners Diversify Away from Middle Eastern Oil

The move comes amid shrinking margins and rising Saudi oil prices—even as international benchmarks remain largely range-bound. Yet the diversification is, for the time being, quite moderate, with Saudi Arabia still the top supplier to Asia as a whole, far ahead of both the United States and Brazil. Whether this would turn into a trend is uncertain because there are all those barrels of relatively cheap Russian crude, too.

and Brazilian crude suggests that the switch might make sense for some refiners given the current conditions. Related Texas Freeport LNG Reportedly Operating At Full Capacity The diversification may yet gather pace as the market widely expects OPEC to stick to its production cut policy at its next meeting on June 1.

Refining China Crude Oil Oil Imports

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