Oil Buyers in Asia Look to ME Crudes

published:01/12/2020 10:13 GMT

Oil buyers in Asia are increasingly turning to heavy sour crude oil grades from the Middle East, which as a result, have seen their value increase relative to light sweet crudes. Oil markets have witnessed unique demand destruction in 2020 due to the coronavirus pandemic, with S&P Global Platts Analytics forecasting that consumption will drop by 8.5 million b/d this year, leaving the global Dated Brent oil price in the upper US$30s to lower US$40s/b range. However, crude grades are not...More