07 March 2025: 08:30 GMT
They kept us waiting but it was worth it for the show! The Saudis chopped like an expert hairdresser. We expected OSPs to Asia for April to be cut by around 25c, according to the maths with a little extra cherry on the cake, but they went one further, chopping the light OSP by a chunky 40c. Dubai structure eased slightly between calendar January and February (the physical premium averaged 7.5c lower in Feb than Jan), we expected a cut but not as extreme as the one the Saudis finally went for. But then again, happy customers will be repeat customers . A naughty source pondered, ‘are they trying to gain market share?’
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