U.S. Oil Snares New Buyer as China Private Refiner Takes a Taste

2 Mar 2017   exports, USA

U.S. oil that’s pumped in the Gulf of Mexico has found a new buyer in China. Shandong Dongming Petrochemical Group, a Chinese independent refiner, has bought U.S. Southern Green Canyon crude for the first time ever, according to two traders who asked not to be identified because the information is confidential. The shipment, due to arrive in April, will follow another cargo of the same grade that will be received by a Japanese processor this month. While supplies from American shale fields have made their way to Asia several times over the past year, the arrival of crude drilled off the southern U.S. coast is a more recent phenomenon spawned by output curbs in the Middle East. The lesser amount of crude leaving from the Persian Gulf has given the opportunity for similar types of oil from the Gulf of Mexico to sneak toward the biggest oil buyers in […]

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