Middle Eastern heavier, dirtier oil types gain popularity in Asian market with higher spot premiums.
Heavier, dirtier oil types from Middle Eastern sources like Oman and Upper Zakum are gaining popularity in the Asian physical market, experiencing higher spot premiums than lighter oil varieties like Murban. This shift can be attributed to reduced profits from diesel production in Asia, seasonal demand for power generation in the Middle East, and export policy changes in countries like Abu Dhabi and Mexico.
April 22, 2024
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