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Dry Dubai

Aramaco's Q2 profits soar, BP have their beast earnings for years, Iraqi oil output improved in July and Chinese run rate set to increase.
Published: August 4, 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
and
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, The Officials
Jorge Montepeque
Edition: Asia EditionVolume: 3Issue: 147
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Aramaco's Q2 profits soar, BP have their beast earnings for years, Iraqi oil output improved in July and Chinese run rate set to increase.

August’s Dubai window is yet to spur into life as today’s was another cagey affair. Just two trades took place as Shell bought two partials from Unipec – but Shell never bid itself. Unipec was the only player to offer, while Gunvor led the bidders and Trafi followed in their wake. In thin window liquidity, the physical premium went nuclear increasing by $3.14/bbl to $7.18/bbl. That’s the strongest since 24 July. The doom and gloom has infected the biggest players. Aramco’s CEO said it will take 18 months to refill oil stockpiles – at 2.1 mil b/d! And that assumes the Strait opens and traffic returns to normal immediately. Reportedly, Iran and Oman are considering divvying up responsibility for Hormuz traffic: Oman will be in charge of departures (with Iranian oversight), while Iran takes charge of entries.

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The Officials publish outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.

We invite you to read our reports, which are published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.

Written by

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett

About Asia Edition

Benchmark reports published at the close of the trading day in Asia.

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