Industry News
High Freight Rates Prompt Chinese Refiners to Favor Middle Eastern Crude
Surging maritime shipping costs have led Asian and Chinese refiners to favor Middle Eastern crude over West African supplies, according to analytics firm Kpler. Shipping freight rates have quadrupled from pre-crisis baselines, shutting down long-haul arbitrages. Resurgent Persian Gulf exports and restored Saudi logistics have consequently reclaimed market share in East Asia.
