Atlantic Basin oil producers are nibbling away at OPEC’s prized market share in Asia thanks to the most competitive crude prices in seven years. The exporter club’s output cuts are partly to blame, "Bloomberg" writes.
Brent, a global benchmark, closed at a premium of just 57 cents a barrel to Dubai crude on Monday, the greatest incentive to move North Sea oil east since June 2010, data from PVM Oil Associates in London show. It was at about $2.50 at the end of November, when the Organization of Petroleum Exporting Countries said it would cut output. North Sea flows to Asia doubled this year from the same period in 2016.