China will also import 450,000 barrels a day for its highest tally since December 2020, Refinitiv data showed. Its refineries are stepping up their crude oil production after Beijing increased its fuel export quotas to 15 million tonnes for 2022 in a bid to boost trade.
US oil exports are also benefiting from recent OPEC+ production cuts, according to one analyst. The cartel’s members agreed last month to cut production by 2 million barrels a day in a bid to build up surplus supplies and boost prices.
“With Asian refiners set to ramp up refinery runs, with China’s sizeable product export quota, and with OPEC’s core producers dialing back on output, demand for U.S. crude is strong,” Kpler analyst Matt Smith told Reuters.
