Saudi Aramco is repeating calls for new Mideast Gulf refined product benchmarks, and says these are needed before new regional crude benchmarks. Current spot market assessments — based on freight-adjusted netbacks to Singapore markets are simplistic and do not follow Mideast Gulf trade dynamics, Aramco marketing vice-president Adil al-Tubayyeb says. Netback assessments originated when the Mideast Gulf was a net product exporter. But rising regional demand has changed trade patterns. The Mideast Gulf imports gasoline and fuel oil, while exporting naphtha and jet fuel. Singapore benchmarks are based on a 1.3mn b/d refinery sector, while the Mideast Gulf's product output will rise to 10mn b/d by 2015 from just under 7mn b/d this year.
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