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Three of OPEC’s biggest oil producers raised monthly pricing for shipments to Asia, their largest regional buyer, after markets tightened on Saudi Arabia’s plan to slash output.

The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a price list from the state oil marketer.

Asia crude – Key market indicators this week The crude oil market in Asia started the week of Dec. 21 lower as crude futures fell after closing at nine-month highs Dec. 18 due to the emergence of a highly infectious strain of coronavirus in the UK, which led to fears that tougher lockdown restrictions will be placed to curb its spread. The ICE Brent February crude contract fell $1.70/b (3.25%) from the Dec. 18 settle to $50.26/b at 11:35 am Singapore time (0335 GMT) on Dec. 21. MIDDLE EAST CR...

Asia crude – Key market indicators this week The crude oil market in Asia started the week of Dec. 14 lower, as negotiations over a US stimulus package remained stalled, while the prospect of more Iranian oil amid near-term uptick in COVID-19 cases, offset the optimism brought by the granting of an emergency authorization by the US Food and Drug Administration for the Pfizer-BioNTech COVID-19 vaccine. February ICE Brent crude futures was pegged at $50.10/b at 0300 GMT Dec. 14, down 39 cents/b...

Premium Content Middle East Oil Prices Rise As Asian Demand Recovers By Viktor Katona - Dec 13, 2020, 7:00 PM CST As the United States and Europe falter under the weight of ever-increasing coronavirus cases and a general lull in markets, the health of the Asian crude market has arguably pulled crude prices and differentials away from the adverse ramifications of second wave coronavirus. China, India, Japan, South Korea; all of them are increasing their crude intake, increasing refine...

Since the U.S. sanctions snapped back on Iran’s oil industry, relations between Iran and Iraq have grown more complex and controversial as a series of security and political events in the two countries have captured global attention. Yet while the political aspect of the Iran-Iraq relationship has been dominating coverage of the countries, their ongoing competition in the oil market has not—and once American sanctions are removed, Iran will be returning to a very different oil market. Sanct...