In a reversal of the global recession-induced slump in oil prices, Middle Eastern oil costs have surged due to elevated demand from Asian refiners in nations including China and Japan.
This spike in demand is driven by high levels of activity on the Middle Eastern crude-trading window, with key industry players such as China's Unipec, TotalEnergies SE, and Shell Plc showing aggressive bids.
The soaring regional prices have been underpinned by Asian refiners snapping up barrels over the past couple of days, For those asking where is all that pent up oil demand out of a post-covid China, here is your answer: Unipec - a unit of China’s top refiner Sinopec - TotalEnergies SE and Shell Plc have been going head-to-head with aggressive bids and offers of Dubai crude partial contracts on the so-called Platts trading window this month, an activity that goes into pricing a benchmark of the same name.
However, the number of Oman shipments equates to almost 70% of the grade’s exported volume in recent months. The sharp increase in sentiment is a dramatic turnaround from earlier in the month when traders were unsure about the market’s direction following contrasting trading on the window. Companies may also actively buy and sell on the window due to associated positions in Brent and Dubai paper markets.
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