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U.S. oil export ban lifted may impact the Asian market

Promulgator: Guangrao Liuhe    Send date: 2015-12-21 16:06


The U.S. Congress cancel oil export ban which last 40 years may make a large number of new supply into the global oil market, particularly in Asia. However, analysts say, if the U.S. oil producers plan to expand the share in Asia, in the initial stage may face some resistance, because most Asian buyers have already signed a long-term contract with the supplier in East and Russia.

 

In addition, in the past one months, Saudi Arabia's oil have been at a discount price of crude oil, showing that they are on the market share through price cuts to maintain an open attitude. Bank of overseas Chinese energy industry analyst Barnabas Gan said: "OPEC will not preserve the recent status, but will take measures against the United States competitors, either further reduction, or increase commitment."


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