Asian Refiners Seek Brent Pricing for Saudi Long-Term Crude Contracts

According to Jin10, at least two Asian refiners have asked Saudi Aramco to switch the pricing benchmark for its long-term crude supply contracts from the Dubai benchmark to ICE Brent crude prices. Sources said the refiners raised the request this week while discussing 2027 supply, citing increased volatility in Middle East benchmark prices after several crude cargoes loaded in the Strait of Hormuz were removed from the system early in the Iran war, reducing the amount of tradable crude. One source said other Middle Eastern producers have also received similar requests to change the pricing benchmark.