Exports squeezed out to US and Asia-Pacific

摘要

An increase in supply of light sweet Caspian crude in the Mediterranean is prompting a rise in long-haul trade from the region.Exports of Azeri Light from the Turkish export terminal of Ceyhan are due to rise to 510,000 b/d in March,up by 42pc compared with January,threatening to overwhelm regional demand for light low-sulphur crude.But efforts by producers to secure outlets in Asia-Pacific and the US have been matched by the desire of refiners there to diversify supply sources,help-ing to boost premiums to benchmark dated BFO(see graph).