APPEC: Asia still fond of North Sea, S America crudes during fragile oil demand era

S&P Global Platts | Sep 14, 2020 at 2:47 AM
  • North Sea and Latin American crude oil suppliers are confident that Asia’s firm base requirements would keep their exports to the Far East at healthy levels, despite the region’s volatile product margins and fragile fuel demand during the coronavirus pandemic, industry executives told S&P Global Platts ahead of the 36th Asia Pacific Petroleum Virtual Conference in Singapore over Sept. 14-16.
  • Major Northeast Asian crude importers, including China, South Korea and Japan, have increasingly returned focus to their staple Middle Eastern sour crude diet this year, as attractive Persian Gulf official selling prices appealed to many refiners grappling with tepid refining margins since the outbreak.
  • The country’s independent refining sector also maintained its strong appetite for South American crude grades, including Brazilian Lula and Colombian Castilla Blend, to date this year.