Page 12 - Arab Medium News Today

Singapore — South Koreas US crude imports in March surpassed the 10 million barrel/month mark for the first time in almost a year, as local refiners gradually favor North American barrels over Persian Gulf supply due to the extended uptrend in the Middle Eastern official selling prices, while the sharp rise in the Brent-Dubai price spread makes US supply attractive for Asian buyers. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. ...

Source: Saudi Aramco. This being said, Saudi Aramco decided on a 20-50 cents per barrel increase with its Asia-bound May 2021 prices. Interestingly, the heavier the grade the bigger was the month-on-month hike, with both Arab Heavy and Arab Medium witnessing 50-cent upward moves, fuelling speculation that spot trading will bring about deep discounts to the OSP. After a blatantly weak February (4.56mbpd), Saudi loadings en route to Asian customers remained tame in March 2021 at 4.58mbpd. Compare...

Asia’s fragile recovery path can ill afford oil upheaval, price gyrations Asia may have heaved a sigh of relief that a drone attack in Saudi Arabia left crucial oil infrastructure unscathed, but analysts told S&P Global Platts supply disruptions and high prices stemming from escalating geopolitical risk can choke the feeble economic recovery the region is witnessing after a pandemic-hit year. With Asia’s top oil importers largely dependent on the Middle East for bulk of their crude needs, a...

Here are some selected news articles from the week ended 06 March 2021. Part 2 is available here. This is a feature at Global Economic Intersection every Monday evening or Tuesday morning. Please share this article - Go to very top of page, right hand side, for social media buttons. Fuel supplies drop most on record as US oil refining collapses, leading to largest ever jump in oil supplies Refinery utilization at an all time low, 10% lower than its ever been; oil refined is least on record; re...

Saudi Arabia said its largest oil export terminal at Ras Tanura in the Persian Gulf has emerged unscathed after being targeted in a March 7 drone attack in a series of strikes allegedly launched by Iranian-backed Houthi rebels from Yemen. The Saudi energy ministry said a petroleum tank farm at its Ras Tanura port was ...

Saudi Arabia may raise light crude prices for Asia in April Top oil exporter Saudi Arabia is expected to raise its official selling prices (OSPs) for light crude grades for Asia in April, tracking stronger Middle East benchmarks and refining margins, a Reuters survey showed on Tuesday. Sources at five Asian refiners expect the April OSP for flagship Arab Light crude to increase by an average of 16 cents a barrel, which would take it to the highest level since August last year. Their forecasts r...

China’s state-run refineries, modern integrated plants embrace new Iraqi Basrah Medium crude China is poised to receive about 21 million barrels of the new Iraqi crude grade Basrah Medium by mid March, with most of these shipments expected to be processed by the country’s integrated refining complexes and newly built plants, according to latest shipping data and refining industry sources with close knowledge of the matter. In January, Iraq’s State Oil Marketing Organization introduced the...

Saudi Aramco, the largest oil producer in the Middle East, kept the official selling prices for all of its Asia-bound crude oil grades unchanged for March, largely in line with market expectations, traders told S&P Global Platts Feb. 5. Aramco kept the March OSP differential for its Arab Light crude steady from February, when it ...

REFINERY MARGIN TRACKER: Rising RINs costs pump up US refinery margins US refining margins rose last week as higher RINs prices increased the cost of meeting the Renewable Fuel Standard mandate, with RINs for both ethanol and biodiesel breaching the $1/RIN price, an analysis by S&P Global Platts showed Feb. 1. For the week ended Jan. 29, the price of an ethanol RIN rose almost 11 cents/RIN from the week earlier to reach $1.01/RIN while biodiesel RINs rose over 9 cents/RIN to $1.15/RIN, accordin...

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