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Asian refineries face sour crude shortage
Asian refining plants are facing a severe shortage of sour crude supplies after the East-West pipeline was halted following attacks in the Red Sea. This has led to a more than 3% increase in oil prices. Saudi Arabia has not yet released any updates regarding the duration of repairs or shipping allocations, which is intensifying competition for the limited shipments from Iraq and the UAE and putting pressure on Chinese refineries, whose loading activities have decreased since August due to tensions. The pipeline outage has caused freight costs for tankers traveling between the Gulf and Asia to rise, with some ships avoiding tracking altogether out of fear of being blockaded, threatening crude supplies and impacting the global market.
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