US Oil Exports To Asia Will Hit Record Highs This Month, Reuters Reported


US oil exports to Asia are set to hit all-time highs in November as the discount between American and other crude benchmarks broadens, according to Kpler data cited by Reuters.

According to data, the US will export 1.8 million barrels of crude to countries in Asia this month as demand for diesel fuel skyrockets ahead of the winter, Reuters reported Thursday.

Chinese, Indian, and South Korean refineries have all increased their purchases of American oil exports, which are trading at a significant discount to supplies from other sources.

WTI crude currently trades for $9 a barrel less than Brent crude, and the discount has deepened from $6 a barrel in September, according to Reuters.

Asian countries have quickly pivoted to American oil imports after spending months loading up on cheap Russian crude.

South Korea has led the charge for American supplies and is expected to import an all-time high of 619,000 barrels a day next month, according to Refinitiv, while India is set to purchase its highest number of US barrels since March.