SINGAPORE, Feb 17 (Reuters) – Spot premiums for crude oil produced in Europe and the Middle East have risen to record highs this month, tracking a rally in global prices as refiners snap up supplies and producers struggle to ramp up production to meet the increasing demand.

In Asia, refining margins have returned to 2018 peaks as demand for most oil products has recovered to pre-pandemic levels or above. Continue reading

However, most producers in the Organization of Petroleum Exporting Countries (OPEC) are…