The ‘Asia Premium’ in Crude Oil Markets and Energy Market Integration

Tilak K. Doshi and Neil Sebastian D’Souza
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Tilak K. Doshi: Energy Studies Institute, National University of Singapore
Neil Sebastian D’Souza: Energy Studies Institute, National University of Singapore

from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: There is a widely-held perception that Asia has been paying a premium for its crude oil, the so-called “Asia premium.” This has led to calls for intervention among some observers of the Asian crude oil market in order to mitigate the so-called premium. More recently, it has been argued that the “premium” has been reversed because Asia has emerged as the dominant consuming region forcing the Middle East oil producers to reduce crude oil prices relative to the other oil consuming regions such as Europe and the US. We analyze the market structure and pricing mechanism of oil to understand whether the analysis supporting the argument for the existence of an “Asia premium” is tenable.

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