Asia set for deluge of new crude; peak looms

The Pacific Basin oil market is poised for its biggest wave of new regional crude in a decade but it will be a last-gasp effort far too meagre to offset waning output from other fields in their sunset years.

The fading profile of Asian oil will be cushioned by a slug of new crude from eastern Russia as well as a potential doubling in output of condensate, the ultra-light oil being unlocked by developing the region’s many untapped natural gas finds.