In the wake of widening spread between the prices of Dubai crude and West Texas Intermediate (WTI) crude, Japanese oil refiners’ motivation to buy an ultra-light crude oil known as condensate from the U.S. has been growing. However, according to an executive of a Japanese oil refiner, some refiners in Japan have been continuously unable to win contracts for condensate through tenders because they have been lost battles against European refiners who bid expensive prices.
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