Middle East Producers Move To Cut Prices As Extreme Backwardation Eases

Recently, China made it clear that it plans to move away from its rigid string of lockdowns, arguably the main demand-curbing trend in Asia over the course of 2022. When setting their June 2022 official selling prices (OSP), most Middle Eastern oil producers did not know that the restrictions were set to be relaxed on June 01, though they could have anticipated it. At the same time, the likes of Saudi Aramco or SOMO already understood the general trend of oil markets – the European Union has been closing in on a Russian oil ban, Asia is heading…