Edited by Jennifer I. Considine
Chapter 15: Middle East and Asia: the oil trade and pricing nexus
The trade and pricing nexus that has developed between the Middle East oil producers and its oil importing neighbours ‘East of Suez’ over the past half century is among the most fundamental variables of any global model of energy politics. Key dimensions which characterize the oil trade and pricing nexus between the two regions include Asia’s remarkable oil demand growth and its impact on inter-regional oil trade, the pricing formulas used by Middle East national oil companies (NOCs) in term contract sales to Asia, buyer perceptions of the ‘Asia premium’ alleged to apply to crude oil sales in the region, and the role of price reporting agencies in crude oil price discovery in Asia.
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