Having enjoyed a strong third quarter with Brent prices averaging 86 per barrel, the oil producer countries of the Middle East are now facing a much direr outlook into the winter. Over the past month, oil prices have shed some $10 per barrel and WTI even started to see contango as market sentiment soured. The Asian market, traditionally accounting for the majority of Middle Eastern exports, has so far been immune to contango, nevertheless Dubai futures have started to react to weaker Chinese buying, higher inflows of US or Russian crudes, leading…
