Sunday 22 Dec
Middle Eastern oil markets are witnessing a decline in supply amid the UAE's intention to reduce its crude oil sales and the stumbling of Iranian exports due to the ongoing sanctions.
This supply crunch is reflected in rising oil prices across the region. Traders in high-sulfur crude markets note a premium for Qatar's Shahden crude for February loading, exceeding the January premium 70 cents by about $1 per barrel. Prices for Oman and UAE Murban crude have also increased relative to the Dubai benchmark over the past month.
The higher prices signal a shortage of Gulf oil for Asian buyers, aligning with the UAE's intention to curtail sales as part of the OPEC+ alliance's efforts to adhere to production targets. Furthermore, increased scrutiny and sanctions imposed by the US and Europe on Iranian oil exports have exacerbated supply constraints
