Asian refiners rush to secure crude oil one month ahead of schedule! Spot premium for Gulf crude surges to USD 38 per barrel.

Eneos Holdings and Idemitsu Kosan recently purchased Omani crude with loading scheduled as early as October. By convention, Gulf cargoes procured in September are typically loaded in November—meaning this purchase was made a full month ahead of schedule. Two cargoes, each totaling 2 million barrels, were transacted at a premium of USD 38 per barrel over the Dubai benchmark; sellers included trading houses and major oil companies. Both companies declined to comment. Domestic refiners Shandong Dongming Petrochemical and Shenghong Group have recently purchased Middle Eastern crude for delivery between October and November, while India’s state-owned oil company has also secured cargoes scheduled for October loading through tendering. Concentrated demand across Asia has sharply driven up the spot premium for Gulf crude. This rush stems from the recent attack on Saudi Arabia’s East-West Pipeline, which was shut down last week. With a capacity of approximately 7 million barrels per day, this pipeline serves as a critical alternative route bypassing the Strait of Hormuz. Its closure has created a potential shortfall of roughly 4 million barrels per day—about 4% of global supply—and Saudi Aramco has already delayed deliveries to some European customers. Purchasing one month earlier breaks the established procurement calendar. Eneos Holdings and Idemitsu Kosan bought Omani crude with loading scheduled as early as October, whereas Gulf cargoes procured in September are normally loaded in November—marking a full month’s acceleration in timing. Both companies declined to comment. This shift in timing is not isolated.

Asia’s frantic buying spree pushes Dubai crude prices toward USD 100 per barrel.

Tightening Middle Eastern supply is intensifying the scramble for crude across Asian markets. As buyers ramp up procurement, regional crude prices are rising rapidly—tighter supply is now clearly manifesting in higher prices. On September 5, Bloomberg reported—citing multiple unnamed traders—that Asian refiners’ robust demand for Middle Eastern crude is driving benchmark prices sharply upward. The UAE benchmark Murban futures currently trade at USD 106.10 per barrel, while DME Oman crude—the key benchmark for Asian markets—stands at USD 99.18 per barrel, nearing the USD 100 threshold. Stalemate in the Middle East conflict, persistent disruptions at the Strait of Hormuz, Saudi Arabia’s crude exports falling to their lowest level since 2017, and delivery delays—including postponements of some cargoes from August to September or even October—are collectively exacerbating supply constraints and intensifying the scramble for crude in Asian markets. Asian refiners accelerate purchases; competition for alternative supplies heats up. According to Bloomberg, major buyers driving this surge in Middle Eastern crude procurement include Indian Oil Corporation, as well as refiners in South Korea and Japan.

Asian Refiners Buy Spot November Saudi Crude, Sources Say

Oct 12, 2026

Asian refiners bought at least 12 million barrels of Saudi crude for November delivery on a spot basis due to Strait of Hormuz security risks. Saudi Aramco maintained exports despite setting its November official selling price at a six-year low.

reuters

Asian Refiners Buy Spot November Saudi Crude, Sources Say

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