Cheap US crude is piling up as tanker costs soar – What it means for India
Cheap heavy crude oil is piling up in North and South America as refiners in Asia and Europe struggle to secure supplies, Reuters reported. Soaring tanker costs are making it harder to ship the oil to buyers, wiping out much of the benefit of buying it at a discount. While oil buyers in Asia and ...
Cheap heavy crude oil is accumulating in North and South America as Asian and European refiners struggle to secure supplies, according to Reuters. Soaring tanker costs have made it difficult to transport this oil to buyers, eroding the benefits of purchasing it at a discount. While Asia and Europe face supply constraints and benchmark prices remain above $100 a barrel, the Americas are experiencing a drop in heavy crude prices.
India may benefit from this shift as refiners seek cheaper alternatives to their usual supplies; however, high shipping costs, processing limitations, and uncertainty over Russian oil supplies could limit these gains.
Brief written by urgent.news from Hellenic Shipping News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.