Asian Refiners Pay Record Premiums for Alternative Crude in 2026
Mar 20, 2026

Asian Refiners Pay Record Premiums for Alternative Crude in 2026

According to Oilprice.com, refiners in Asia are paying large premiums for crude that could replace supply from the Middle East. The most suitable grades from Norway and the United States are being bid at record-high double-digit premiums over the Dated Brent benchmark.

Many refineries in Asia are designed to run optimally on the sour and heavier grades typically exported from the Gulf. With most Gulf supply now either reduced at the source or unable to transit the Strait of Hormuz, refiners are paying premiums exceeding ten dollars per barrel for alternative crudes.

These substantial premiums are not expected to reduce refiners' profits, as fuel price margins over crude costs remain extremely high. This allows refiners to maintain strong profits despite the increased cost of crude supply.

For instance, Johan Sverdrup crude from Norway was reportedly bid at an eleven dollar and thirty cent premium over Dated Brent. Another alternative, U.S. Mars crude, shifted from a slight discount in February to a record-high premium of eleven dollars per barrel in early March, before moderating to around six dollars in more recent transactions.

Lesser-known crudes from Southeast Asian producers, including Malaysia's Labuan, Indonesia's Minas, and Vietnam's Bach Ho, are now commanding premiums of over ten dollars per barrel above Dated Brent. This contrasts with historical premiums of up to two dollars.

Analysts note that despite high shipping costs, longer travel times, and a specific market structure, refiners have increased procurement of barrels from the Atlantic Basin and the Americas since last week. Japanese refiners are likely purchasing at least thirteen million barrels of U.S. WTI and Mars crude for April loading, which could be a record monthly volume.

Thailand's PTT reportedly purchased March-loading North Sea Forties and Angolan crude. South Korea's GS Caltex bought two April-loading cargoes of Kazakh-origin CPC Blend. Meanwhile, Chinese refiners have placed orders for at least nine million barrels of April-loading West African crude in addition to their contracted volumes and continue to buy Brazilian crude for March and April loading.

This report provides a comprehensive view of the crude oil industry in Asia, tracking demand, supply, and trade flows across the regional value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.

Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between exporters and importers within Asia. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the crude oil landscape in Asia.

Quick navigation

Key findings

  • Regional demand is shaped by both household and industrial usage, with trade flows linking supply hubs to import-reliant countries.
  • Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
  • Supply depends on input availability and production efficiency, creating distinct cost curves across Asia.
  • Market concentration varies by country, creating different competitive landscapes and entry barriers.
  • The 2035 outlook highlights where capacity investment and demand growth are most aligned within the region.

Report scope

The report combines market sizing with trade intelligence and price analytics for Asia. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts across countries and sub-regions.

  • Market size and growth in value and volume terms
  • Consumption structure by end-use segments and countries
  • Production capacity, output, and cost dynamics
  • Regional trade flows, exporters, importers, and balances
  • Price benchmarks, unit values, and margin signals
  • Competitive context and market entry conditions

Product coverage

  • Crude Petroleum Oil

Country coverage

Country profiles and benchmarks

For the regional report, country profiles provide a consistent view of market size, trade balance, prices, and per-capita indicators across Asia. The profiles highlight the largest consuming and producing markets and allow direct benchmarking across peers.

Methodology

The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.

  • International trade data (exports, imports, and mirror statistics)
  • National production and consumption statistics
  • Company-level information from financial filings and public releases
  • Price series and unit value benchmarks
  • Analyst review, outlier checks, and time-series validation

All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.

Forecasts to 2035

The forecast horizon extends to 2035 and is based on a structured model that links crude oil demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts within Asia.

  • Historical baseline: 2012-2025
  • Forecast horizon: 2026-2035
  • Scenario-based sensitivity to income growth, substitution, and regulation
  • Capacity and investment outlook for major producing countries

Each country projection is built from its own historical pattern and the regional context, allowing the report to show where growth is concentrated and where risks are elevated.

Price analysis and trade dynamics

Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.

  • Price benchmarks by country and sub-region
  • Export and import unit value trends
  • Seasonality and calendar effects in trade flows
  • Price outlook to 2035 under baseline assumptions

Profiles of market participants

Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.

  • Business focus and production capabilities
  • Geographic reach and distribution networks
  • Cost structure and pricing strategy indicators
  • Compliance, certification, and sustainability context

How to use this report

  • Quantify regional demand and identify the most attractive country markets
  • Evaluate export opportunities and prioritize target destinations
  • Track price dynamics and protect margins
  • Benchmark performance against regional competitors
  • Build evidence-based forecasts for investment decisions

This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of crude oil dynamics in Asia.

FAQ

What is included in the crude oil market in Asia?

The market size aggregates consumption and trade data at country and sub-regional levels, presented in both value and volume terms.

How are the forecasts to 2035 built?

The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.

Does the report cover prices and margins?

Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.

Which countries are profiled in detail?

The report provides profiles for the largest consuming and producing countries in Asia.

Can this report support market entry decisions?

Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND THE AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional EditionPRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and its Prospects

    1. MARKET SIZE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
    2. CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
    3. MARKET FORECAST TO 2035

  4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

    Finding New Products to Diversify Your Business

    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCTS
    4. MOST TRADED PRODUCTS
    5. MOST PROFITABLE PRODUCTS FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Export

    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
    2. PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
    2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
    3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
    2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
    3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    1. 11.1
      Afghanistan
      • Market Size
      • Production
      • Imports
      • Exports
    2. 11.2
      Armenia
      • Market Size
      • Production
      • Imports
      • Exports
    3. 11.3
      Azerbaijan
      • Market Size
      • Production
      • Imports
      • Exports
    4. 11.4
      Bahrain
      • Market Size
      • Production
      • Imports
      • Exports
    5. 11.5
      Bangladesh
      • Market Size
      • Production
      • Imports
      • Exports
    6. 11.6
      Bhutan
      • Market Size
      • Production
      • Imports
      • Exports
    7. 11.7
      Brunei Darussalam
      • Market Size
      • Production
      • Imports
      • Exports
    8. 11.8
      Cambodia
      • Market Size
      • Production
      • Imports
      • Exports
    9. 11.9
      China
      • Market Size
      • Production
      • Imports
      • Exports
    10. 11.10
      Hong Kong SAR
      • Market Size
      • Production
      • Imports
      • Exports
    11. 11.11
      Macao SAR
      • Market Size
      • Production
      • Imports
      • Exports
    12. 11.12
      Cyprus
      • Market Size
      • Production
      • Imports
      • Exports
    13. 11.13
      Georgia
      • Market Size
      • Production
      • Imports
      • Exports
    14. 11.14
      India
      • Market Size
      • Production
      • Imports
      • Exports
    15. 11.15
      Indonesia
      • Market Size
      • Production
      • Imports
      • Exports
    16. 11.16
      Iran
      • Market Size
      • Production
      • Imports
      • Exports
    17. 11.17
      Iraq
      • Market Size
      • Production
      • Imports
      • Exports
    18. 11.18
      Israel
      • Market Size
      • Production
      • Imports
      • Exports
    19. 11.19
      Japan
      • Market Size
      • Production
      • Imports
      • Exports
    20. 11.20
      Jordan
      • Market Size
      • Production
      • Imports
      • Exports
    21. 11.21
      Kazakhstan
      • Market Size
      • Production
      • Imports
      • Exports
    22. 11.22
      Kuwait
      • Market Size
      • Production
      • Imports
      • Exports
    23. 11.23
      Kyrgyzstan
      • Market Size
      • Production
      • Imports
      • Exports
    24. 11.24
      Lebanon
      • Market Size
      • Production
      • Imports
      • Exports
    25. 11.25
      Malaysia
      • Market Size
      • Production
      • Imports
      • Exports
    26. 11.26
      Maldives
      • Market Size
      • Production
      • Imports
      • Exports
    27. 11.27
      Mongolia
      • Market Size
      • Production
      • Imports
      • Exports
    28. 11.28
      Myanmar
      • Market Size
      • Production
      • Imports
      • Exports
    29. 11.29
      Nepal
      • Market Size
      • Production
      • Imports
      • Exports
    30. 11.30
      Oman
      • Market Size
      • Production
      • Imports
      • Exports
    31. 11.31
      Pakistan
      • Market Size
      • Production
      • Imports
      • Exports
    32. 11.32
      Palestine
      • Market Size
      • Production
      • Imports
      • Exports
    33. 11.33
      Philippines
      • Market Size
      • Production
      • Imports
      • Exports
    34. 11.34
      Qatar
      • Market Size
      • Production
      • Imports
      • Exports
    35. 11.35
      Saudi Arabia
      • Market Size
      • Production
      • Imports
      • Exports
    36. 11.36
      Singapore
      • Market Size
      • Production
      • Imports
      • Exports
    37. 11.37
      South Korea
      • Market Size
      • Production
      • Imports
      • Exports
    38. 11.38
      Sri Lanka
      • Market Size
      • Production
      • Imports
      • Exports
    39. 11.39
      Syrian Arab Republic
      • Market Size
      • Production
      • Imports
      • Exports
    40. 11.40
      Taiwan (Chinese)
      • Market Size
      • Production
      • Imports
      • Exports
    41. 11.41
      Tajikistan
      • Market Size
      • Production
      • Imports
      • Exports
    42. 11.42
      Thailand
      • Market Size
      • Production
      • Imports
      • Exports
    43. 11.43
      Timor-Leste
      • Market Size
      • Production
      • Imports
      • Exports
    44. 11.44
      Turkey
      • Market Size
      • Production
      • Imports
      • Exports
    45. 11.45
      Turkmenistan
      • Market Size
      • Production
      • Imports
      • Exports
    46. 11.46
      United Arab Emirates
      • Market Size
      • Production
      • Imports
      • Exports
    47. 11.47
      Uzbekistan
      • Market Size
      • Production
      • Imports
      • Exports
    48. 11.48
      Vietnam
      • Market Size
      • Production
      • Imports
      • Exports
    49. 11.49
      Yemen
      • Market Size
      • Production
      • Imports
      • Exports
    50. 11.50
      Lao People's Democratic Republic
      • Market Size
      • Production
      • Imports
      • Exports
    51. 11.51
      Democratic People's Republic of Korea
      • Market Size
      • Production
      • Imports
      • Exports

  12. LIST OF TABLES

    1. Key Findings In 2025
    2. Market Volume, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    3. Market Value: Historical Data (2012–2025) and Forecast (2026–2035)
    4. Per Capita Consumption, by Country, 2022–2025
    5. Production, In Physical Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    6. Imports, In Physical Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    7. Imports, In Value Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    8. Import Prices, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    9. Exports, In Physical Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    10. Exports, In Value Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    11. Export Prices, By Country: Historical Data (2012–2025) and Forecast (2026–2035)

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    2. Market Value: Historical Data (2012–2025) and Forecast (2026–2035)
    3. Consumption, by Country, 2025
    4. Market Volume Forecast to 2035
    5. Market Value Forecast to 2035
    6. Market Size and Growth, By Product
    7. Average Per Capita Consumption, By Product
    8. Exports and Growth, By Product
    9. Export Prices and Growth, By Product
    10. Production Volume and Growth
    11. Exports and Growth
    12. Export Prices and Growth
    13. Market Size and Growth
    14. Per Capita Consumption
    15. Imports and Growth
    16. Import Prices
    17. Production, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    18. Production, In Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    19. Production, by Country, 2025
    20. Production, In Physical Terms, by Country: Historical Data (2012–2025) and Forecast (2026–2035)
    21. Imports, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    22. Imports, In Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    23. Imports, In Physical Terms, By Country, 2025
    24. Imports, In Physical Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    25. Imports, In Value Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    26. Import Prices, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    27. Exports, In Physical Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    28. Exports, In Value Terms: Historical Data (2012–2025) and Forecast (2026–2035)
    29. Exports, In Physical Terms, By Country, 2025
    30. Exports, In Physical Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    31. Exports, In Value Terms, By Country: Historical Data (2012–2025) and Forecast (2026–2035)
    32. Export Prices, By Country: Historical Data (2012–2025) and Forecast (2026–2035)

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