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OPEC+ Cuts Support Medium Sour Crude Prices

OIL

Reduced availability of Saudi Arabia crude to refiners in Asia is supporting the medium sour crude grades.

  • The impact of the OPEC+ output cuts has been felt most strongly in the medium sour grades compared to the main benchmarks which are toward the light sweet end of the crude spectrum.
  • Many of the newer, complex refineries in Asia prefer medium sour crude as it offers a higher yield of middle distillates such as diesel and jet fuel.
  • The Brent-Dubai exchange for swaps has narrowed from a peak in early June with the spread briefly trading at an unusual Brent discount. Brent fell to a discount of 0.17$/bbl to Dubai on 28 Aug before recovering slightly to 0.85$/bbl on 11 Sep according to Reuters. The spread was trading at a premium of 5.97$/bbl at the start of the year.
  • Iraq's medium sour crude Basrah Light historically trades at a discount to dated Brent but is currently at a premium of 2.63$/bbl.
Energy BulletsCommodities
Energy BulletsCommodities

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