¿Distorsión en la referencia del Medio Oriente? Las refinerías asiáticas abandonan el precio del petróleo de Dubái y comienzan a usar la cotización de Brent para el petróleo crudo de EE. UU.

问AI · How does Asia’s refiners shifting to Brent pricing reshape the global crude oil market?

The historic surge in Middle East benchmark crude prices is reshaping Asia’s crude oil trading landscape. After Dubai crude prices hit a historic record of around $170 per barrel, overtaking Brent in one fell swoop, Asian refiners have started switching the pricing benchmark for U.S. crude purchases from Dubai to ICE Brent. At the same time, the Japanese government has stepped in to urge domestic wholesalers to follow suit in converting the pricing benchmark, in order to curb any further rise in gasoline prices.

On March 27, according to Reuters, three refining and trading sources said that Asia buyers have just begun booking U.S. crude shipments for delivery in July this week, and multiple Japanese refiners have completed procurement transactions priced on a Brent benchmark. Meanwhile, Japan’s Ministry of Economy, Trade and Industry (METI) has issued administrative guidance to domestic wholesalers, asking them to use the Brent benchmark instead of the Dubai benchmark when setting gasoline prices.

This series of moves could impact the liquidity of derivatives markets for Middle East benchmark crude prices and further intensify the fragmentation of global crude benchmark systems. For Asian buyers that rely heavily on Middle East crude supply, the switch in pricing benchmarks is not only a stopgap measure to deal with abnormal price volatility, but could also create long-term pressure on the pricing mechanisms of major suppliers such as Saudi Aramco.

Dubai crude sets a historic record, far above Brent

Dubai crude surged last week to a historic high of $169.75 per barrel, surpassing Brent crude and making Middle East crude the most expensive oil globally.

The report says that the immediate trigger behind the price disruption was S&P Global Platts excluding three of five crude grades related to the Strait of Hormuz, in response to expectations of a possible prolonged disruption to shipping along this key route, which led to a sharp drop in the quantity of crude available for trading. At the same time, strong demand from French energy major TotalEnergies also supported Dubai prices.

Currently, Brent crude oil futures are priced at around $103 per barrel, far below the Dubai benchmark. The price spread provides a clear economic incentive for Asian buyers to shift to Brent pricing.

Asian refiners accelerate the switch, Saudi Aramco faces pressure

According to Reuters, Japan’s refiner Taiyo Oil this week purchased 2 million barrels of U.S. light crude via tender, with a delivery period in July, priced at about $19 per barrel above ICE Brent. The company typically buys WTI crude with Dubai as its benchmark; this benchmark conversion is of symbolic significance.

The report cited sources as saying that other Japanese refiners have also completed U.S. crude procurement priced on a Brent benchmark. Relevant transactions were reached through private negotiations, and details have not been disclosed.

Against the backdrop of intense market volatility, some Asian refiners have asked Saudi Aramco, the world’s largest crude oil exporter, to switch its official pricing benchmark from Platts Dubai to ICE Brent.

Rare Japanese government intervention, administrative guidance drives the benchmark switch

According to a Reuters-seen document, Japan’s Ministry of Economy, Trade and Industry has required domestic wholesalers to switch to the Brent benchmark when setting gasoline prices. The document noted that because Brent prices are lower than Dubai’s, changing the pricing benchmark would help limit the increase in gasoline prices, and suggested that wholesalers continue to use Brent pricing thereafter.

Such administrative guidance is not legally binding, but Japanese companies typically comply. This month, Japanese gasoline prices have broken through 190 yen per liter (about $1.19), setting a record high, forcing the government to introduce subsidy measures.

On the supply side, Japan began drawing on private petroleum stockpiles on March 16 and activated the national reserves and joint reserves held with three Gulf oil-producing countries on March 26. This week, Japanese Prime Minister Sanae Takamatsu met in Tokyo with Fatih Birol, Executive Director of the International Energy Agency, and also held discussions on additional coordination to release oil reserves.

Supply crisis hits Asia; multiple countries seek Japan’s support

The document also shows that the supply crisis has broad impacts on the Asian region, with Vietnam, Indonesia, and India all seeking support from Japan.

Specifically, Vietnam has requested crude oil for its Nghi Son refinery, which is jointly held by Idemitsu Kosan; India is exploring arrangements to obtain naphtha and crude oil by exchanging liquefied petroleum gas (LPG) with Inpex; Indonesia also hopes to procure LPG from Inpex. Inpex, Japan’s largest refiner and wholesaler Eneos Holdings and Cosmo Energy Holdings all declined to comment, and Idemitsu Kosan did not respond in time to the request for comment.

The Ministry of Economy, Trade and Industry said that affected by the surge in oil prices after the outbreak of conflict in the Middle East, Japanese firms’ current crude oil procurement average price has reached $140 to $200 per barrel. With more than 90% of Japan’s oil relying on Middle East supply, this supply disruption poses a severe test to its energy security.