Asian refiners shift to Omani crude as Hormuz risk rises
Asian oil buyers, Taiwan among them, are paying up for supply that can actually arrive, a shift that helps Oman and hurts Gulf producers stuck behind the Strait of Hormuz.
- Refiners across Japan, South Korea, India, Malaysia and Taiwan are buying more Oman Export Blend, and some want bigger long-term contracts.
- Oman's oil ships straight into the Indian Ocean and never passes through the Strait of Hormuz, the chokepoint threatened by the US-Iran conflict.
- Delivery certainty now beats price: cheap crude and fat refining margins mean nothing if the cargo never shows up.
- South Korea's Omani imports tripled this year, and Seoul now calls Oman a key energy partner.
- China is still the biggest buyer, but its summer purchases dropped, leaving room for everyone else.
Outlook: As long as Hormuz stays risky, Omani barrels will keep commanding a premium and other Middle East grades will struggle to find Asian buyers.