High shipping costs deepen the oil market crisis
Even as Asian crude imports head toward recovery, soaring logistics costs due to the Middle East war are cutting into refiners' margins, prompting them to seek solutions that would put pressure back on Gulf producers.
High shipping expenses are exacerbating the oil market crisis, despite a growing recovery in Asian crude imports. Sophisticated logistical solutions are placing pressure on Gulf producers. Middle East crude exports have surged to 15.4 million barrels per day (bpd) in September, nearly at prewar levels, but shipping costs have risen sharply. Gulf producers are facing a dilemma as they try to maximize exports while recovering from war-related losses.
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