Oil-Hungry Asia lures armada of tankers carrying U.S. Crude

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A fleet of around 20 tankers laden with U.S. crude oil is expected to leave for Asia this month as the region continues to outpace the rest of the world in its recovery from the Covid-19 pandemic, APA reports citing Bloomberg.

The vessels have been booked, some of them provisionally, to load crude from the U.S. Gulf Coast this month for delivery to the Far East, according to shipping fixtures and shipbrokers. Most are supertankers that can each carry about 2 million barrels of oil.

Demand has rebounded in some parts of Asia, with Chinese crude processing matching a record in October. The nation’s independent refiners, meanwhile, have ramped up purchases after receiving new import quotas for 2021. Indian demand is also climbing as processors boost run rates.