Australia has joined the growing list of U.S. crude oil importers with two tankers currently en route to Down Under with cargoes of light U.S. crude, Reuters reports , citing sources from the commodity trading industry and shipping data. “Australia’s aging refineries were designed to run regional crude that is typically light and sweet. U.S. crude is a good substitute for typical Australian refinery feedstock,” a Reuters Refinitiv analyst explained. The bulk of U.S. crude oil output is exactly this sort of crude. Lower freight rates have also helped more U.S. crude reach foreign markets, and as a result of this combination of favorable factors, total U.S. shipments of crude oil to Asia alone could reach 38.1 million barrels in May, according to Reuters calculations. This equals 1.2 million bpd. However, going forward, shipments could begin declining as the discount of West Texas Intermediate and grades based on this […]