Middle East Sour Crude: SOMO Hikes OSP

Middle East Sour Crude Daily Market Analysis / Asian refiners procure cargoes from across the globe / Sri Lanka’s Ceypetco seeks various crudes for delivery in April, May, June / Iraq’s SOMO hikes Asia April crude OSP differentials by $2/b MOM

Jun 03, 2026

Trade activity remained largely thin in the Middle East sour crude market March 9, with ship traffic through the key Strait of Hormuz still facing disruptions, while differentials for medium sour crude markers rose to fresh highs. Cargoes from across the globe continued to be booked for Asia as regional refiners sought Middle East crude substitutes. Shipbroking reports and fixtures data showed at least three Aframaxes having been chartered to lift crude from the US Gulf Coast in mid-March to eastern destinations. At least five Aframaxes were also being sought to load crude from Vancouver, the loading point for heavy sour crudes from the Trans-Mountain Expansion pipeline, from late-March to early-April to China. A crude trader with cargoes loading from within the Strait of Hormuz in the week starting March...

Exclusive market movement data, shipping lineups, demand signals and pricing rationale continue in full report.

Unlock complete article access with a paid account.

Continue Reading With Membership

This is a preview. Login and activate a paid plan to read the complete article.