Oil Price Drop Impacts U.S. Exports

OPEC meeting in Vienna, and OPEC's support for Saudi Arabia refusal to cut production, have caused Asian refineries to suspend imports of condensate, and light crude oil produced from the U.S. shale boom. Shipments began four months ago from the U.S. market to Asia, but Middle East grades have been discounted up to 40 % luring the Asian refineries away.