Top oil exporters in the Middle East are reaping the benefits of the rally in crude oil prices. For the first time in 2021, the Middle East’s share of crude imports into Asia has risen above 60%. The Middle East is capitalizing on high-priced cargoes from Africa, Europe, and the United States, offering Asia cheaper crude when it needs it the most. The largest oil exporters in the Middle East, key members of OPEC, are reaping the benefits of the rally in crude oil prices. At the same time, they are recouping market share in the most important oil market, Asia. For the first time this year, the Middle East’s share of crude oil imports into Asia rose to above 60 percent in October. At the same time, the shares of European and U.S. shipments in Asia’s overall crude imports dropped last month to the lowest this year, per […]