Oil transfers off India's west coast surge as Gulf shipping congestion worsens
Gulf oil producers are pushing tanker transfers as far as India’s coast and slashing prices to keep crude flowing to Asia, as the makeshift export network around Hormuz buckles under congestion and attack . Ship-to-ship transfers in India's Gulf of Kutch reached 82 cargoes in September, equivalent to about 680,000 barrels a day, according to shipping analytics company Vortexa. Refined products…
Oil transfers off India's west coast have surged as Gulf shipping congestion worsens, according to a report from shipping analytics company Vortexa. In September, 82 cargoes were transferred through India's Gulf of Kutch, amounting to around 680,000 barrels per day, with refined products making up about 65% of the volume. The workaround sustaining Gulf exports is facing strain due to congestion and longer voyages, which are tying up vessels and driving up costs.
Transfers are now occurring directly off India's west coast, with some supertankers previously used for Saudi transfers doing so as well. Analysts differ on the scale of the shift towards India, but it is evident that the workaround is coming under pressure.
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