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
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
