Launceston, Australia: A surge of U.S. crude oil is arriving in Asia, but the record volumes are nowhere near enough to offset the loss of cargoes from the effective closure of the Strait of Hormuz. Asia's imports of U.S. crude were 63.56 million barrels in May, the most for a single month although at 2.05 million barrels per day (bpd) they were slightly behind the 2.07 million bpd from June 2023, according to data compiled by commodity analysts Kpler.
However, more U.S. oil is on the way, with Kpler tracking arrivals of 2.32 million bpd in June and 3.07 million bpd in July.
