Middle East oil market dynamics disrupted by OPEC+ supply cuts

The supply cuts imposed by OPEC+ are weighing on Middle Eastern crude markets, with Asian buyers turning to US barrels and putting a cap on a key light variety, while helping more sour and muddy cargoes.

The cousin of Abu Dhabi’s flagship Murban, which is less dense than other Middle Eastern grades such as Dubai and Oman, has taken a hit as importers launch a shopping fever of comparable US light oil. In this monthly cycle, they have picked up about 50 million US barrels, more than usual, traders said.