Asia Refiners Ask Saudis to Change Oil Price System Amid War

Oil refiners in Asia have asked Saudi Arabia to change the way it prices the crude they buy after the Middle East war disrupted the traditional system, according to traders.

The biggest buyers of Saudi oil want the crude to be priced against Brent futures on the Intercontinental Exchange instead of a combination of the Dubai and Oman benchmarks, according to traders directly involved in the discussions who asked not to be named due to the sensitivity of the matter.