According to foreign news on November 3, the daily supply of crude oil from the United States to Asia will hit a record 1.8 million barrels this month, according to the data of Kpler shipping. The demand for global crude oil will rise due to the expansion of discount.

After several months of snapping up cheap Russian crude oil, refiners in Asian importing countries are becoming big buyers of American crude oil again. The re purchase in Asia reflects a surge in demand for crude oil used to produce diesel.

In general, driven by the increase in shale oil production, US crude oil exports hit 5.1 million barrels per day last week. West Texas Intermediate Oil (WTI), the US benchmark, was nearly $9 lower than the global Brent crude oil per barrel, while it was $6 lower at the beginning of September. The larger discount makes American crude oil more affordable for foreign buyers

According to data, South Korea will import a record 619,000 barrels/day of crude oil from the United States, becoming the largest U.S. crude oil importer in Asia this month.

Matt Smith, an analyst at data company Kpler, said that the strong global demand for diesel is also encouraging refineries in the region to increase production.

The Organization of Petroleum Exporting Countries (OPEC) and its allies began to reduce production by 2 million barrels per day this month, fearing that the economic slowdown would lead to a decline in demand.

According to the latest official data, the daily output of crude oil in the United States in August was 11.98 million barrels, because producers increased production activities after the epidemic.

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