Aramco Trading Company (ATC) sold its first-ever cargo of U.S. West Texas Light ...
SINGAPORE/NEW YORK/SEOUL - Aramco Trading Company sold its first-ever cargo of U.S. West Texas Light crude, with a South Korean refiner the buyer, as the Saudi Aramco unit expands its U.S. oil dealings to boost trade volumes, four people familiar with the matter said.
ATC has been shipping U.S. oil such as West Texas Intermediate Midland crude, Eagle Ford condensate and sour grade Mars to refiners in Japan, South Korea, Taiwan, Thailand and the United Arab Emirates since last year, they said. ATC was set up in 2012 initially to market refined products, base oils and bulk petrochemicals, but it has expanded into crude, competing with trading and international oil companies.
The United States has become the world’s biggest oil producer as shale oil discoveries have pushed its output above 12 million bpd, sending U.S. exports to a record above 3 million bpd since a crude oil export ban was lifted in 2015.
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