23 Hrs
Source:
البلاد
Asia taps more Gulf oil
Asia’s refineries—the world’s largest oil-importing region—are ramping up crude purchases from the Middle East as supplies recover after months of conflict, reducing their reliance on alternative suppliers such as the United States. Refineries in Japan, China and Thailand have resumed purchases, including cargoes passing through the Strait of Hormuz, supported by lower prices and shipping costs. The recovery in production, together with Saudi output in October reaching one of its highest monthly levels in years, has also reduced the need for alternative supplies. Meanwhile, limited global spare capacity is constraining opportunities to diversify sources on a broad scale.
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