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