The latest round of Opec-plus production cuts has flipped the market for medium, sour crude from surplus to shortage, with Russia’s Urals crude seen as one of the few alternatives to help Asian refiners cover their needs. Recent hikes in official selling prices (OSPs) for Middle East crudes — by Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq — have helped send physical differentials through the roof, especially for Asian buyers (IOD Jun.9’20).
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