Increased U.S. crude oil exports to Asia, supported by a wide WTI-Brent spread, are eating into Asian market shares of OPEC and Russia, the cartel’s ally in the production cut pact. The United States is expected to export 2.3 million bpd of crude oil in June, including 1.3 million bpd bound for Asia, according to estimates by a senior executive at a U.S. oil exporter who spoke to Reuters . U.S. crude exports hit a record high 2.566 million bpd in the second week of May, EIA data shows. The record-high U.S. oil production and the emerging constraints in the takeaway capacity has pushed WTI Crude to the widest discount to Brent Crude in three years—at around $9 a barrel, while Brent prices have been supported by geopolitical concerns of possible supply disruptions from the Middle East and plunging production in Venezuela. Asian refiners have seized the opportunity to […]