The global market for medium-heavy sour crudes has tightened in recent weeks as the dominant Middle Eastern suppliers have cut substantial volumes in line with Opec+ obligations. All except one. Qatar, having walked away from Opec in late-2018, is the only major Middle Eastern crude producer not participating in the Opec+ cuts: non-Opec Oman, and even Bahrain have signed up.

Unsurprisingly, Qatar is acting in line with this freedom and its supplies of predominately medium-heavy sour barrels to global markets have continued unrestrained since the resumption of Opec+ production cuts in May. This is in sharp contrast to Qatar’s neighbors, where the steep Opec+ production cuts have been pushing exports down towards multi-year lows. (CONTINUED - 707 WORDS)