Asian crude imports fall in September, but Middle East regains market share

Oil

Asian crude imports fell by 0.25 M b/d m-o-m to 22.99 M b/d in September, Reuters reported, citing Refinitiv Oil Research data. Reuters suggested, the high official selling price (OSP) of Middle Eastern grades in June/July likely resulted in decreased imports. OSPs have since reduced following OPEC+’s decision to gradually increase production each month. Saudi Arabia reduced their OSP for its Arab Light grade to Asian buyers for November loadings, other Middle Eastern exporters followed suit. Reuters also noted that the increase in OPEC+ production had pointed towards the Middle East regaining market share of Asian crude imports.