Urgent.News

What's breaking now, across thousands of outlets.

More in Finance & Markets

Asian Oil Buyers Turn to Africa and Brazil as Tanker Rates Plunge

Asian energy commodity buyers are increasingly turning to African and Brazilian grades, attracted by lower prices as rates for shipping oil out of the Persian Gulf remain near historic highs.

  • Asian oil buyers favor African and Brazilian crude due to plummeting tanker rates.
  • Sinopec and SK Energy purchased Djeno crude from Congo at $22 discount to Brent.
  • Vessel availability improved by 15% since early September, contributing to rate decline.

More from Thursday 12 November →