Mideast Gulf crude producers are trimming eastbound formula prices further, as the refinery maintenance season approaches. Mideast Gulf producers are lowering official prices to Asia-Pacific to maintain demand for their crude. Differentials to Oman-Dubai formula prices for Asian sales of Saudi Arab Light, Iraqi Basrah Light and Abu Dhabi Murban crude are the lowest in two decades. Prices are likely to fall further as refineries prepare to close for maintenance in the second quarter. Competition for market share between Mideast Gulf producers and west African and Latin American exporters will rise.
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