Argus Media to launch new Middle East gasoline assessment
Price assessment agency Argus Media will create a new Middle East gasoline benchmark in part due to rising output and trading in the region, the agency announced on Tuesday at its oil forum in London.
Argus, custodian of the widely-traded Eurobob gasoline benchmark in Europe, will launch a new MEBOB Middle East gasoline assessment in the coming weeks or months, VP for business development Anu Agarwal said.
"The region has changed and become much more dynamic in terms of gasoline trading," Agarwal said.
"The national oil companies are no longer just playing refiners who sell products, most of them are turning into sophisticated traders," she said, citing Saudi Aramco, the Abu Dhabi National Oil Co and Kuwait Petroleum.
Middle Eastern and Indian gasoline exports reached nearly 1 MMbpd in 2024, Argus said, citing Kpler data - around 36% of total Asian loadings.
The current benchmark price for gasoline in the Middle East is based on a freight netback from Singapore pricing, Argus said.
Alternative pricing is needed as Singapore netback pricing has left traders more exposed to increased volatility in freight markets, Agarwal said, while Singapore now accounts for less than 10% of Middle East gasoline exports.
MEBOB will reflect value for 92 Ron oxygenated gasoline in 300,000-bbl parcels, assessed daily on a free-on-board Middle East outright basis.
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