Swift and bold output cuts by OPEC and its allies are boosting prices of physical oil barrels in Asia as supply tightens. Premiums for a wide-ranging variety of crude from Russia’s ESPO, Abu Dhabi’s Upper Zakum and Qatar’s Al-Shaheen have increased significantly in the Asian spot market since OPEC+ started reducing output this month in-line with its pledge to cut almost 10 million barrels a day. Supplies of more sulfurous oil from the Middle East that are favored by a majority of Asian refiners should begin to tighten due to the production curbs. See also: Rising Prices for China’s Favorite Crudes Show Resurgent Demand Demand is recovering in major oil consumers China and India, led by a rebound in gasoline and diesel consumption. Chinese refiners are seeing profits from turning crude into fuels, even as processors across much […]