Several Middle East producers hiked their OSPs for March delivery, and as producers remain cautious, so does OPEC
- Mar 01, 2023, 3:00 PM CST
WTI remains the only benchmark to remain in contango in its front months, whilst both Dubai and ICE Brent are increasingly widening their month-on-month backwardation.As the OPEC+ meeting in the first days of February only confirmed the oil group is intent on maintaining its strategy and will avoid sudden and drastic moves, Saudi Arabia was facing a peculiar dilemma with its March 2023 official formula prices.
The cheapest Emirati grade, the medium sour Upper Zakum which up until this month has been priced lower than Dubai itself has become something of a market sensation as Chinese state-owned refiners ramped up purchases to levels barely seen. In both January and February Unipec, the trading arm of China’s state-controlled refiner Sinopec, bought at least 15 cargoes of the grade on the spot market.
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