The decision, in effect for a year, could increase US petrochemical exports to China.
South Korea passes Canada as the top importer of U.S. oil; China is No. 3.
While many second-tier producers struggle with the effects of added U.S. crude supply, the big three make common cause.
Sanctions forced Indian importers to seek other suppliers.
Booming oil and gas production, particularly from the Permian Basin, has made the industry reliant on foreign markets to continue its growth.
Cartel will discuss whether to maintain its oil production cut of 1.2 million bbl/d.
Cartel members concerned about price slides stemming from trade disputes.
Volume of LNG at Venture’s Plaquemines terminal will increase by 1.5 mtpa.
U.S. crude producers may have lost the fast-growing China market because of President Donald Trump's trade dispute, but they have more than compensated by making inroads into the rest of top oil-consuming region Asia.
However, some tankers crossing the Pacific could end up in China.