Oil refiners in Asia are racing to obtain US crude supplies amid an escalating trade war following US and Chinese tariffs, and July sanctions against Iran. China alone is snapping up 400,000 bpd in November from virtually zero before 2017, and while that is only 5% of China's crude imports, it amounts to $1bn per month in sales. With a push from the US, South Korea is halting all orders of Iranian oil and may be in a good position to get better terms on US crude, according to Lee Dal-seok of Korea Energy Economic Institute.
Oil refiners in Asia are racing to obtain US crude supplies amid an escalating trade war following US and Chinese tariffs, and November sanctions against Iran. China alone is snapping up 400,000 bpd in July from virtually zero before 2017, and while that is only 5% of China's crude imports, it amounts to $1bn per month in sales. With a push from the US, South Korea is halting all orders of Iranian oil and may be in a good position to get better terms on US crude, according to Lee Dal-seok of Korea Energy Economic Institute.