1. Asian Buyers Seeking Spot Options Amidst Expensive OSPs- Several Asian refineries surveyed by S&P Platts admitted they would try to tap into the spot market more extensively in 2022 as termed Middle Eastern OSPs remain too expensive. - Currently, some 12 million b/d of crude is moving every month from Middle Eastern producers to the Asia Pacific and roughly two-thirds of it takes place under OSP-priced term contracts. - The steep Dubai backwardation curve that persisted throughout 2021 compelled Middle Eastern producers to keep on ramping…
