Asian Oil Refiners Cut Production as Brent Crude Hits $110

Asian oil refiners are reducing production run rates and restricting fuel exports as the expansion of the Middle East war pushes Brent crude prices toward $110 a barrel. This shift comes as processors face shrinking stockpiles and spiking premiums for oil grades sourced from Africa and Latin America.

These current measures mirror tactics employed during the early stages of the conflict. At that time, crude shortages forced processors to reduce activity, which led the Government of China and the Government of Thailand to cut fuel shipments to stabilize domestic supplies.