▶ Middle East crude popular in Asia

Even in a world awash with crude, buyers in the world’s biggest oil market can’t seem to escape their addiction to Middle East supplies. South Korea’s imports from the Middle East climbed last year to the highest level since at least 1980, while refiners in India say they are shunning shipments from distant ports and taking more cargoes from the Persian Gulf. Saudi Arabia and Oman have boosted supplies to China this year as volumes from Venezuela and Colombia to Asia’s biggest crude consumer have shrunk. While the Middle East provides more than 50 per cent of Asia’s requirements because of its proximity, buyers in the world’s biggest oil-consuming region are seeking to end that dependence. Processors say cargoes from the Persian Gulf are irresistible because of shorter shipping times, attractive prices and quality refineries. Middle East nations including Saudi Arabia, the world’s biggest oil exporter, have cut official selling prices to defend market share against other suppliers.