Asia rushes to buy US crude oil, reaching the highest single-month volume in three years

Golden Ten Data reported on March 19 that this month, Asian buyers have purchased large quantities of US oil, marking the largest scale in three years. According to traders, a series of recent purchases have brought the total volume of US crude oil shipped to Asia in April to about 60 million barrels. Data from Kpler and Vortexa show that this is the highest monthly level since April 2023. As the world's largest oil producer, the US is one of the beneficiaries of this surge in demand and price increases. Traders said that some of these cargoes are priced about $18 per barrel higher than the Dubai benchmark oil price, but the sharp fluctuations in the benchmark this week have complicated the pricing process. In contrast, similar transactions last month before the war carried a premium of $5 to $6 per barrel over the Dubai benchmark. However, this oil cannot provide a quick solution to Asia's current crisis, as cargo shipped from the US in April usually takes about two months to reach its destination. The figure of 60 million barrels may continue to rise, as the window for purchasing US oil shipped in April will remain open for some time.