Its total December refined oil products reached a record 6. .Feeling the pinch from mounting competition and the pressure from refiners, OPEC鈥檚 No 2 and No 3 producers, Iran and Iraq, cut their crude oil prices this week to remain competitive with customers struggling from lower profits.Soaring US supplies mean US WTI crude prices are over $5.鈥?/p>Yet, another of the bearish signals is rising US oil production, which is threatening to derail OPEC鈥檚 and Russia鈥檚 efforts to tighten supplies. In the last three years, refiners enjoyed high profits because of relatively cheap crude oil, which is used to make fuels like diesel or gasoline.But some traders are sounding a warning - the world鈥檚 biggest crude consuming region, Asia, is showing signs of an impending downward correction. It must be kept in mind that rising production from US shale has the ability to expose oil to downside risks,鈥?said Lukman Otunuga, Analyst at futures brokerage FXTM.BMI Research said in a note this week: 鈥淚n Q1, the balance of risk to Brent (prices) lies to the downside.

Chinese diesel exports have surged by almost 3,000 per cent since early 2015, to a record of more than 2 million tonnes last December, according to customs data.World鈥檚 biggest crude consuming region, Asia, is showing signs of an impending downward correction.As a result, Asian refiners processed an unprecedented 23 million barrels per day (bpd) of crude oil in late 2017. Its gasoline exports are up by 365 per cent since early 2015, to more than 1 million tonnes in December. And their purchases of crude could fall..Singapore refining margins, which act as Asia鈥檚 benchmark, have slumped by 90 per cent from their 2017 high, LED turn signal lights Factory to below $6 per barrel this week - the lowest seasonal level in five years.Taking advantage of their competitive prices, US crude oil exports are rising, including to faraway Asia.5 per barrel cheaper than Brent, off which most international crude supplies are priced.One reason, traders say, is that the supply of oil products remains ample.Ole Hansen, head of commodity strategy at Saxo Bank, said this week that 鈥渂ullish news tends to get more attention than potentially bearish signals.