US shale power: Pump jacks seen on the Bakken Shale Formation, near Williston, North Dakota. Light oil pumped in US shale fields is increasingly making its way to Asia, undercutting sales by the likes of Saudi Arabia. Additionally, America is exporting a record amount of refined fuel, contributing to a global glut in gasoline and naphtha. — AFP
SINGAPORE: The US oil industry is delivering a one-two punch to Middle East producers already reeling from a collapse in prices.
A tussle is playing out in the market for so-called light oils, which have a lower sulfur content and are less dense than heavier varieties.
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