2024-12-18 14:46
IndustryMiddle East Crude Prices Surge Amid Supply Cuts
Middle East crude prices are rising as UAE cuts allocations and Iran faces tighter sanctions. Key grades like Qatar's Al-Shaheen saw premiums jump to $1/bbl above the benchmark, up from 70 cents for January.
Oman and UAE's Murban crude also gained, reflecting tighter supplies for Asian buyers. The UAE's upcoming export curbs and OPEC+ production discipline, combined with sanctions on Iranian flows, are driving scarcity and price hikes.
Markets now watch for the impact on Asian refiners and potential OPEC+ policy shifts.
#CrudeOil #OPEC #OilMarkets #Commodities
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Middle East Crude Prices Surge Amid Supply Cuts
| 2024-12-18 14:46Middle East crude prices are rising as UAE cuts allocations and Iran faces tighter sanctions. Key grades like Qatar's Al-Shaheen saw premiums jump to $1/bbl above the benchmark, up from 70 cents for January.
Oman and UAE's Murban crude also gained, reflecting tighter supplies for Asian buyers. The UAE's upcoming export curbs and OPEC+ production discipline, combined with sanctions on Iranian flows, are driving scarcity and price hikes.
Markets now watch for the impact on Asian refiners and potential OPEC+ policy shifts.
#CrudeOil #OPEC #OilMarkets #Commodities
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