Middle Eastern oil producers are raising the export prices for their lower-grade crudes, Bloomberg reported earlier this week. And European buyers have no choice but to pay up—because the alternative is Russian oil, and they can’t have that. It is a curious case, as noted in another Bloomberg report on the issue, since normally, the lower the crude grade, the lower the price. Light, sweet crudes like WTI or Arab Super Light fetch higher prices from refiners because they are easier to process into fuels. Heavier crudes…
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