Asia Gets Pick of Oil as Shale Boom Captures U.S. Market
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Asia is getting a greater choice of crude from Alaska North Slope to Venezuela’s Carabobo and Iraqi Basrah Light as the U.S. shale boom cuts American demand for overseas oil.
Crude from around the world is competing for buyers in Asia, says the Paris-based International Energy Agency. South Korea is taking the first Alaskan export cargo since 2004, Japanese traders are purchasing U.S. shipments of ultra-light oil from the Gulf of Mexico and India is buying more Latin American output.