Asia Important Outlet for Oil Suppliers

Asia will be able to absorb increasing amounts of crude oil not needed by the U.S. in the years ahead, providing an important outlet for oil suppliers in several regions.

With new technology having unlocked vast quantities of North American crude and natural gas previously trapped in shale rock beds, oil suppliers accustomed to selling to the U.S. are already having to search for new customers.

They are finding buyers in Asia—particularly China and India. Insufficient Asian reserves and relatively strong economic growth in parts of the region should ease worries among African, Latin American and even Middle Eastern oil producers that they might struggle, or have to offer deep discounts.

WSJ

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.