Prices for crude oils originating from Canada, South America, and Africa have seen a recent surge. This increase is attributed to a rebound in Chinese oil import demand, which had previously reached a decade-low, according to OilPrice.com. The rally in benchmark prices and continued disruptions in Middle East supply are also contributing factors.
Djeno crude from Congo, a smaller OPEC producer, is reportedly being offered at a significant premium. Anonymous traders informed Bloomberg on Monday that Djeno crude is priced at a $20 per barrel premium over ICE Brent. This represents an increase from a $15 per barrel premium observed two weeks prior, as stated by the traders.
The upward trend in crude prices is not limited to African sources. OilPrice.com reports that crudes from Canada, Brazil, and Argentina are also experiencing rising prices. This broad increase across different regions indicates a wider market response to the current demand and supply dynamics.
