Asian Refiners Shift to Argentinian Oil as Middle East Supply Disruptions Escalate

Asian refiners have increased purchases of Argentinian crude as the Iran war disrupts traditional supply from the Middle East. Processors in Japan, South Korea, and China have all bought Argentina’s Medanito oil in recent weeks to compensate for the regional shortages. Traders familiar with the matter report that at least one cargo was loaded earlier this month, though they asked not to be named due to a lack of media authorization. The Medanito grade is comparable to US West Texas Intermediate, which has also experienced higher demand since the conflict began.