murban crude oil

Global oil prices are soaring due to Middle East conflict. Dubai crude reached an all-time high, becoming the world's most expensive. Supply disruptions are impacting Asian refiners. They are cutting operations or seeking oil from other regions. Middle East exports to Asia have significantly dropped. Trading activity is slowing, with some benchmarks considered broken.

A drone strike hit a petroleum facility at the Port of Fujairah in the UAE. Emergency teams controlled the fire. No injuries were reported. This attack occurs amid escalating Middle East tensions. The port is a vital alternative route for oil exports, bypassing the Strait of Hormuz. Disruptions here could impact global energy markets.

MIDEAST-OIL/:Middle East Crude-Dubai inches higher; more April ESPO on offer

The Iran war's fourth week sees a stark divergence between rising physical oil prices and futures, driven by the Strait of Hormuz closure and infrastructure attacks. Refiners face steep premiums, while trucking, shipping, and airline industries grapple with escalating fuel costs, impacting consumers and the broader economy.

The LPG tanker Nanda Devi arrived in Gujarat carrying 46,500 metric tonnes of LPG, set for ship-to-ship transfer. This marks the second successful LPG carrier navigating the Strait of Hormuz amid global tensions. The shipment will help manage India's LPG supply pressures.

ASIA-CRUDE/TRADES:Asia Crude Oil Trades-Chinaoil sells March Basra Heavy to Chevron

ASIA-CRUDE/TRADES:Asia Crude Oil Trades-Statoil sells April Banoco AM to Japan

Trading firms are set to deliver approximately 5 million barrels of Middle East crude oil to the Shanghai International Energy Exchange (INE) this month. This surge in deliveries, potentially the largest this year, follows a rise in domestic crude prices, surpassing global benchmark Brent prices.

Indian Oil Corp, the country's top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said, its first purchase of the grade since Russia invaded Ukraine on Feb. 24.

Indian Oil Corporation is buying more crude oil from countries like Brazil. This move reduces dependence on Russian oil. Refiners are sourcing from the Middle East, Africa, and Latin America. This diversification strategy expands supplier options. India aims to secure diverse oil supplies for its needs.

The OPEC+ oil cartel is facing its biggest crisis since a price war at the start of the coronavirus pandemic. The United Arab Emirates, the group’s fourth-biggest producer, argued against a deal proposed by Saudi Arabia and Russia to extend quota limits until the end of next year, rather than ending them in April as originally planned.

India's Russian crude oil imports saw a slight increase in October, defying US pressure. However, this trend is expected to reverse following US sanctions on major Russian producers, prompting Indian refiners to halt new bookings and seek alternative supplies.