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From Russia to Asia - oil's new map may prompt policy rethink by OPEC+

Oil Markets

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The Middle East Refinery Market

Harman: Right now, there are so many factors other than the basic supply and demand fundamentals of the oil markets that are in place. Obviously, we're seeing that whole reordering of trade flows happening because of the war in Ukraine. And we're also now seeing this more short-term effect of the Brent Dubai spread. We can do the point where we're seeing now US cargo coming into Asia as well. What's also interesting is a lot of new refineries opening up in the Middle East. That's also affecting flows.

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