Middle East Crude
Pricing for one of the most important crude oil producing regions in the world accounting for around 25% of the world’s crude oil collectively. Relevant to an ever-expanding mix of regional and international stakeholders. The region's geopolitics, crude pricing and trade flows require critical observation and timely commentary.
The service includes General Index's OSP reference basket for Asia comprised of Oman and Dubai grades – an index not published by any other price provider. The Oman/Dubai basket is a key component of monthly official selling price formulas used by Saudi Arabia and other Middle East producers for Asia. Market insights and trade summaries contained in the General Index report provide context to daily prices.
The Middle East divides its exportable geography into three major regions, namely Americas, Europe and Asia. The latter has risen in recent years to become its most important customer base due to the volume of Middle East crude oil imported by major refining hubs such as China, Japan, Korea, India and others in the continent.
The Middle East’s close geographical proximity and political alliances eastward make it the first stop for most Asian oil importers. General Index’s markets team brings deep historical relevance and current pricing and analytical expertise together to produce a daily report of accurate and transparent prices and commentary with a differential viewpoint for the wider market.
The Middle East crude report will benefit the following groups of market participants:
Oil producers – tracking daily prices of key spot market grades used as references in official selling prices
Equity holders – maintaining an inventory of spot deals and spot market values, price tracking
Term lifters – price tracking and gaining insight into official selling price-setting expectations and market information on sellers
Oil traders – remaining informed on spot market trades, prices and market insights
Key price assessments (see below)
Market insights - details of General Index pricing logic to maintain transparency and neutrality, framed by larger fundamental viewpoint of oil markets
Trade summary, covering:
- Middle East crudes to Asia, thorough tally of Dubai, Oman and other partials trades
- Spot market deals, bids and offers of full-sized 500,000 barrel (or larger) cargoes of Middle East grades
- Informal reporting of privately concluded deals between two counter parties
- Market survey of spot market tenders that various buyers or sellers issue on a regular or ad-hoc basis
- Arbitrage crude deals such as Russian Urals, or US WTI that are relevant to buyers for price comparison
The Middle East Crude Report is published daily (subject to General Index holiday calendar) and made available to its customers via direct data feeds and emails to customers.
All prices are printed in USD/bbl and normalised via internal calculations to reflect market value as at 1630 Singapore time. Technical details for each of these key grades can be found in the relevant factsheet.
Reflection of Saudi crude price reference basket
Daily market value of 25,000 barrel clips of the Dubai basket
Daily market value of 25,000 barrel clips of Oman crude
Daily assessed value of General Index North Sea Dated Brent time-adjusted to the following Singapore market close
Daily market value of the prompt Oman futures contract traded on DME
Daily market value of Abu Dhabi's light sour reference crude
Daily market value of Abu Dhabi's medium sour reference crude
Daily market value of Qatar's medium-heavy sour grade
Cross Atlantic Crude Index
Snapshot of Brent futures market
Snapshot of the WTI futures market
Daily Brent minute marker calculated for the last minute of trading
Daily WTI minute marker calculated for the last minute of trading