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Saturday, 10 December 2016

Oil traders prepare flotilla to ship U.S. exports to Asia | Reuters

Oil traders prepare flotilla to ship U.S. exports to Asia | Reuters:
"Oil traders and major producers are lining up a flotilla of carriers to ship more U.S. crude to Asia in December than in nearly two decades as higher prices, supported by OPEC's proposed supply cuts, offer a rare opportunity to boost sales to the region.

A 40-year U.S. ban on crude exports was lifted in 2015 but only a few cargoes have shipped during a global glut in supply. The Organization of the Petroleum Exporting Countries last week agreed to its first supply cut in eight years as the cartel sought to end the two-year glut.

As peak winter demand kicks in, the difference between benchmark crude prices in the United States, Asia and Europe has widened to the most since August and opened up the trade route."

'via Blog this'