Rising Middle Eastern oil production is making the commodity that comes out of this region cheaper compared to Brent-linked grades, which may lead to a price war, Bloomberg has reported , citing an FGE analyst. “There’s much cheaper crude, and a lot of it coming from the Middle East,” Grayson Lim, a senior oil analyst at the energy consultancy, told Bloomberg. “Those Brent-linked cargoes will need to be offered at a huge discount for buyers in the [Asia] region to snap up the barrels,” he explained. “But if they’re heavily discounted, there’s a chance that Chinese buyers may come out to buy.” The warning comes as OPEC+ prepares to start boosting production in response to higher oil prices and the prospect of improving oil demand. However, uncertainty remains heightened as the pandemic shows no signs of subsiding in many parts of the world, including in key markets such as […]