Higher Oil Availability Pressures Middle East Crude Benchmarks
Spot cargo availability pushed the Oman-Dubai crude premium to $4.22 a barrel, while freight rates hit record highs as tankers stayed tied up.
5 Articles
5 Articles
Higher Oil Availability Pressures Middle East Crude Benchmarks
Robust crude oil flows out of the Middle East in recent weeks have started to pressure the key metric of strength for physical supply out of the region. The premium of Oman crude over Dubai, the measure of Middle East’s market strength, has slumped this week to the lowest level since the end of July, to $4.22 per barrel, according to data by General Index cited by Bloomberg. The Oman-Dubai crude differential had soared to as high as $65 in March…
A major price index for crude oil in the Middle East fell to its lowest level in about three months, referring to the region's export resilience despite Iran's rising attacks on ships. Oman's crude price premium as compared to Dubai's, which is an indication of the strength of the real crude oil market in the Gulf, fell to about $4 a barrel this week, [...] the Middle East's oil prices at the lowest level in three months thanks to the robustness…
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