Only Saudi Arabia and UAE have been able to increase their exports
Middle East expands Asian market share
Asia’s crude supply has shifted in recent months as Mideast Gulf producers have increased exports. And that trend may continue into the new year
Many Opec+ members have failed to increase—or in some cases even maintain—their oil export volumes at target levels despite the cartel’s latest production deal. Only Saudi Arabia and UAE—with ample and low-cost capacity—were able to lift their exports over the third quarter, adding 1.9mn bl/d, according to energy market analytics firm Vortexa. But other producers have been unable to respond. Combined exports from the rest of Opec+ are down by around 1.4mn bl/d since the start of the year. This failure to boost output has contributed to Asia's growing dependence on the Mideast Gulf. Middle Eastern crude accounted for 77.2pc of Asia’s imports in Q3, or 11.91mn bl/d, compared with 71.7pc, or 1
Also in this section
13 September 2024
The Ukraine–Russia gas transit and interconnection agreements are due to expire at the end of this year, but despite some uncertainty, Europe seems well-prepared
12 September 2024
The oil alliance must navigate the good, the bad and the ugly in its showdown with the market at the beginning of December
12 September 2024
The transition to oil evokes revolution and renaissance
11 September 2024
But the young nation may have to go through a fallow period before that project comes online as the Bayu-Undan field nears exhaustion
