August 14, 2026
Reuters: Asian Refiners Buy More US Crude as Hormuz Remains Blocked, Traders Say
Asian refiners are increasingly turning to US crude as the Strait of Hormuz remains effectively closed and tight fuel markets support strong refining margins. South Korea’s GS Caltex, Japan’s Cosmo Energy and Eneos, and Taiwan’s CPC bought US grades for delivery later this year, often at significant premiums. Asia imported a record 2.35 mb/d of US crude in July, highlighting the shift away from Middle Eastern supplies, which previously accounted for more than half of the region’s crude imports. India’s state refiners are also seeking additional non-Gulf crude.
Figure 1 shows quarterly US crude exports to Asia. Exports reached a record high in May. Exports skyrocketed in the second quarter, mostly to Japan and south Korea. The increase to Japan is the most notable.
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