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Thursday, 27 April 2017

OPEC output cuts whet Asia's appetite for North Sea oil | Reuters

OPEC output cuts whet Asia's appetite for North Sea oil | Reuters:

"OPEC production cuts have created record Asian demand for European oil and made China the second biggest consumer of North Sea crude as flows from its usual Middle East suppliers dip. Rising Asian appetite for North Sea crude has largely been fueled by the falling premium charged for North Sea crude over rival Middle East oil and this demand could last beyond OPEC's supply cuts if that favorable pricing persists. Thomson Reuters Eikon data shows China imported almost 38 million barrels of North Sea crude from the start of the year until late April, compared with about 8 million barrels by the same point in 2016."



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