During the decline in WTI crude oil prices, the volume of U.S. crude oil flowing into Asia surged

As crude as far away as the United States and Brazil flow into the world's largest consuming regions, the spot market for crude oil in Asia has begun to weaken, intensifying competition between crude producers in the Americas and the Middle East
.

Buyers from South Korea, India and China bought large quantities of crude from the United States this month, likely in quantities in excess of 20 million barrels, with most of them due to arrive
in November, according to traders handling the cargoes handled.
In addition, they said some crude from Europe's North Sea region and Brazil was also bought
in large quantities by Asian buyers.

Changing purchasing patterns have further complicated global energy markets, with more Russian crude still flowing to China and India
after the outbreak of the Russia-Ukraine conflict.
At the same time, crude oil is flowing out of the United States at a record rate, the Biden administration is selling crude oil from the US Strategic Crude Reserve, causing a surge in overall supply, and the European Union is preparing to tighten restrictions
on the flow of Russian crude.

Brent crude futures, the global benchmark for oil prices, hit multi-month lows in August as traders assess supply prospects
through the end of the year.
Another big reason for the decline in oil prices is heightened concerns about a possible slowdown in global economic growth, while the possibility of Iranian supply recovery has been weighing on crude prices
.

"I think OPEC producers will be watching closely for signs of increasing weakness in the spot market," said Vandana Hari, founder of Vanda Insights, referring to "OPEC members.
"
"If there is a deal with Iran, it will make (they) more vigilant, especially if their biggest buyers in Asia are snapping up more long-haul crude
.
"

According to statistics, long-distance crude cargoes flow into Asia about twice as long as Middle Eastern crude, and as Asian consumers import more U.
S.
crude, the spot premium per barrel of crude in the Persian Gulf region has declined, while the decline in domestic demand in Japan has also brought additional pressure
.

Statistics compiled by Bloomberg show that Oman crude futures are more than
halving their premium to Dubai swaps from a month ago.
The premium indicator is one of the key indicators
to measure the strength of the spot price of Middle Eastern crude oil in Asia.

Demand for spot goods in Asia has been relatively stable as crude oil futures fell this month, reducing feedstock costs, with the exception
of Japan, of course.
Refining margins for fuels such as diesel rebounded after hitting a two-month low, prompting some local processors to stop considering lower operating rates
.

WTI futures are more discounted than the Middle East oil benchmark

Japanese buyers have been particularly slow
to snap up crude from the UAE for October shipments, traders said.
Japanese company Idemitsu Kosan Co.
plans to carry out maintenance at its Yokkaichi plant from October to November to control some consumer spending
, traders said.