Game to gain oil market share is still on

• Last week, oil tanker Maran Penelope arrived at South Korea carrying 140,000 tons of Mexican crude oil. Buyer was refiner GS Caltex Corp.

• This year so far Mexican state oil company Petroleos Mexicanos delivered 5 million barrels of crude oil to South Korea. Buyers' include Hyundai Oilbank Co. Ltd. and GS Caltex Singapore.

Why it matters?

• This is the first time in at least 20 years, Mexican crude got sold to South Korean market. Asia has traditionally been playground of OPEC.

• Moreover, spokesman from Caltex corp. confirms that company stand ready to buy from the spot market as long as someone is providing cheap quotes be it Mexico or anybody.

• WTI is trading at a near $10 discount to Brent, which benefits the Latin American companies to market their crude as they are marked to that benchmark compared to Middle East that uses Brent as benchmark.

• According to data provider clipper data, at least 35 million barrels of oil will arrive in Asia from Latin America next month. Data shows refiners' intake has gone up for Latin Crude in Asia, namely Japan. China, Korea.

• To add to the pressure Iran announced that it stands ready to export more crude at least a million barrel/day, once the sanctions are off. The date is 31^st March to reach an accord over the nuclear deal.

There is no respite for Crude, as world is in a supply glut and fight for market share. WTI is currently trading at $43.6/barrel.