Record Shipping Costs Force Oil Producers to Slash Prices

Why Are Middle East Oil Producers Struggling Despite Recovering Exports?

Asian refiners are facing a growing squeeze as soaring shipping and insurance costs erode profits, threatening to undermine the recovery in Middle Eastern oil exports. Despite a rebound in crude shipments, Gulf producers may have to offer deeper discounts to keep Asian buyers interested, cutting into revenues already weakened by months of conflict. The disruption […]

Record Shipping Costs Force Oil Producers to Slash Prices

Freight is reshaping global oil trade and the prices producers can command for their crude. Soaring shipping costs are pushing delivered prices beyond what refiners are willing to pay, forcing sellers to cut differentials or find buyers closer to home. With Chinese refiners inclined to wait for transport costs to ease, some producers are committing barrels for future loading at prices that leave little room for today’s freight bill. Their return…

Global Oil Crisis Shifts From Production to Tanker Shipping Costs

Middle Eastern crude exports are recovering, but record tanker freight costs, refinery losses and diesel shortages are keeping global fuel markets under pressure.

Oil Markets Resilient, But Increasingly Inefficient

The global oil market is in the midst of its biggest crisis since the Second World War, with supply losses from the Middle East conflict exceeding 2bn barr...