Asia gets most Middle Eastern fuel this year


Persian Gulf oil refineries are experiencing their biggest expansion in a long time. In this expansion, the largest amount of gasoline and other fuels are being shipped to Asia in eight months. Saudi Arabia, the biggest crude exporter, is increasing its ability to refine oil and profit from higher prices that processed fuels. The entire Middle East will add 815,000 barrels a day of capacity by the end of this year. There seems to be a structural change where there is an increased flow of cargoes to Asia. Asia’s importance as a source for demand is rising because Russia is basically increasing its own fuel shipments to Europe and oil production in the United States is rising. This has curbed America’s dependence on foreign energy, while China’s gasoline demand has risen 16 percent last month. Read more about this development at Bloomberg.

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