Middle East OSPs – December 2022 The oil markets have come full circle. In a year when war between Russia and Ukraine disrupted crude oil flows around the world, oil supply shortages brought the steepest backwardation in history and China’s coronavirus lockdown hampered Asian demand, we’re back to Brent, which almost is trading right around the $80 a barrel mark where this year 2022 started. This is certainly good news for refiners who can now source cheaper raw materials, but for Middle…
