21 March 2025: 08:30 GMT
As an update on yesterday’s window shenanigans, let’s remember that PetroChina has been delivering Murban and Upper Zakum into the window. And this means PC buys a lot of Abu Dhabi crude and also means ADNOC delivers a lot of oil to the Chinese. Otherwise, PC would not be able to deliver Abu Dhabi crude to Vitol as they have been doing. They clearly trade with one another, just not in the window! In today’s riveting activity, there was no crossing, but the two were still stubbornly avoiding each other while matching in price. This obviously, should not happen among reasonable adults. And today, PC pulled the Uno reverse card and switched to declare an Oman to Vitol, rather than the deluge of Upper Zakum and Murban we’ve seen up to now. No more UAE crude for you! But anyway – Vitol, remove that beret! Surely 9 mil bbl of Abu Dhabi crude in 15 trading sessions should be tasty enough!
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