CommoditiesMedium•12 November 2026•
1 min read
Dubai Crude Premium Collapses as Asian Refiners Pivot to Atlantic Supply
Key Facts
1The Dubai M1–M3 prompt premium collapsed from +$11.03/bbl on 6 October to +$1.03/bbl on 12 November.
2Asian refiners are shifting toward West African and Brazilian crude due to ample supplies and falling tanker rates.
The Dubai M1–M3 prompt premium collapsed to +$1.03/bbl on November 12, 2026, down from +$11.03/bbl recorded in October. Kpler reported that this significant decline indicates a weakening physical market structure and cooling demand for Middle Eastern grades.
Asian refiners are shifting their purchases toward West African and Brazilian crude due to ample supplies and falling tanker rates. This pivot toward Atlantic Basin barrels has made non-regional supplies more competitive, weighing on the traditional dominance of Gulf crude in Asian markets.