Asian refiners offer premium for UAE Upper Zakum crude
Updated
Updated · Bloomberg · May 4
Asian refiners offer premium for UAE Upper Zakum crude
7 articles · Updated · Bloomberg · May 4
Buyers bid about $20 a barrel above official prices for end-April term cargoes, while May-loading shipments also drew premiums, traders said.
Refiners are seeking diesel-rich, medium-sour alternatives after the Iran war disrupted supply, tightening availability and lifting demand for UAE barrels.
Official selling prices for May were set significantly above April levels, underscoring how the conflict is reshaping regional crude flows and pricing.
The UAE has quit OPEC. If the Iran war ends, could its spare capacity deliberately crash the global oil market?
With strategic reserves dwindling, is the world just months away from a physical oil shortage, not just record high prices?