Asia Refiners Scoop Up Argentine Oil
Asian refiners, including those in Japan, South Korea, and China, have increased purchases of Argentina's Medanito crude amid the Iran war disrupting Middle East supply. Japan's Eneos Holdings and Taiyo Oil bought the grade for the first time, while Hyundai Oilbank, PetroChina, and Shaanxi Yanchang Petroleum were other buyers. Exports to Asia averaged a record 35,000 barrels a day this year, more than five times the 2025 average.
Why it matters: This diversification of crude supply sources addresses the theme of energy security, as refiners seek alternatives to Middle Eastern barrels during the Iran war.