Commodities
Asian Refiners Seek Argentinian Oil Amid Middle East Supply Disruptions
Asian refiners have increased their purchases of Argentinian crude oil in recent weeks due to disruptions in supply from the Middle East following the Iran war. The grade is comparable to US West Texas Intermediate, which has seen higher demand since the conflict began.
According to traders familiar with the matter, processors in Japan, South Korea, and China have bought Argentina's Medanito oil, with at least one cargo loaded earlier this month. This development is a small but notable shift in global crude oil markets.