Why have Asian refiners slowed their purchases of Middle Eastern crude oil after a recent buying spree?

Asian refiners have slowed purchases because most have already completed their orders for this month and next, and additional spot buying would require significantly discounted prices; moreover, ADNOC has asked long-term contract customers to immediately resume loading supplies, which has further crimped spot demand.

What factors are contributing to the decline in Middle Eastern oil prices and the bearish contango structure in the forward curve for Dubai and Murban grades?

Prices are tumbling due to increased supply from Iraq and Kuwait ramping up output ahead of a potential reopening of the Strait of Hormuz—amid progress in talks to end the Iran war—as well as a temporary US waiver allowing Iranian oil purchases, which adds to supply options despite ongoing financing and insurance complications.

Asia’s Demand for Middle Eastern Oil Slows After Buying Spree

Jun 23, 2026

Asian refiners slowed Middle Eastern crude purchases after a recent buying spree, with majors like Shell absorbing surplus barrels. Rising regional output and geopolitical shifts caused benchmark prices to tumble into bearish contango.

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Asia’s Demand for Middle Eastern Oil Slows After Buying Spree

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