Asian Buyers Increase Purchases of Murban Oil

A substantial drop in the spot market price for Emirati crude has triggered a demand surge from Asia, Reuters reported today, citing data for a record trade of 10 million barrels of Murban crude on an S&P Global Platts market-of-close basis this month. “Asian markets have been oversupplied with light grades for most of this cycle, driven by outages at Japanese refiners, increased UAE availability this cycle following the accelerated OPEC+ unwind, and planned maintenance at Saudi Arabia's Petro Rabigh refinery,” Energy Aspects analyst…