23 May 2025: 09:30 BST
What’s happening with Murban and Dubai? Will there be a negative QP? Will the price of Dubai be higher than Dubai? Will the Middle Eastern OSPs be affected? So many questions so little time as some market participants expected a new pricing system to be unveiled during the MPGC conference in Bahrain. Meanwhile, Brent was a bit soft around $64.00/bbl plus or minus. The price was edging up over $65 early this week but OPEC quickly nipped that in the bud. But in any case, it’s been searching for a direction, having traded within a narrow mid-$60s range since 9 May, in the absence of any recent tariff news or overwhelming directional impetus. The market seems able to absorb these OPEC paper production hikes -we have explained the production increase is not real yet- without too much trouble, as these announcements and rumours only spark short-term reactions…
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