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2025-09-12 18:11:58
[Undercurrents in Middle East Crude Oil: The Impact of Saudi Price Cuts and the Hidden Strategies of Asian Giants] ⑴ Spot premiums for Middle Eastern benchmark crude oils, Oman, Murban, and Dubai, fell on Friday, but all closed higher on a weekly basis, indicating continued improvement in liquidity. ⑵ Saudi Arabia's crude oil exports to China are expected to surge to an average of 1.65 million barrels per day in October, a significant increase from 1.43 million barrels in September and matching the previous record high set in August, which was not reached until April 2023. ⑶ Institutional data indicates that following Saudi Amalco's significant price cuts, Asian refining and chemical giants Sinopec, Hengli Petrochemical, and Shenghong Petrochemical all plan to increase Saudi crude oil purchases next month. ⑷ The spot Dubai premium for swaps fell 17 cents to $3.27 per barrel, while the official Oman price was set at $69.59, down from $70.93 the previous day. ⑸ Huge over-the-counter transactions emerge: Mercuria sold more than 50 batches of Upper Zakum crude oil for November shipment to traders such as Vitol, with transaction prices hovering in the range of US$69.50-69.55. ⑹ Japan announced a sharp reduction in the upper limit of Russian crude oil prices from US$60 to US$47.60, effective Friday. Geopolitical risks once again disrupted supply expectations. ⑺ The Canadian government and energy companies discussed the removal of the emission cap for the oil and gas industry, provided that the industry and Alberta reduce their carbon footprint through other means. Policy games affect the long-term supply pattern. ⑻ Azerbaijan's crude oil production reached 18.4 million tons from January to August. Malaysia's Pengerang refinery increased sales of low-sulfur straight-run fuel oil. The divergence of regional supply dynamics exacerbated market complexity.
