Asian refineries run low on sour crude
Asian refining plants are facing a severe shortage of sour crude supplies following the shutdown of the East-West pipeline after attacks on the pipeline, which caused oil prices to rise by more than 3%. Saudi Arabia has not yet announced the duration of the repairs or supply allocations, increasing tension in the shipping market and forcing refineries to pay higher prices for limited quantities of crude, especially from the Yanbu port. This comes amid fierce competition for shipments from Iraq and the UAE, along with declining supplies due to tensions in the Red Sea. The pipeline shutdown has led to increased shipping costs between the Gulf and Asia, with some vessels actively hiding their tracking to avoid the risks of blockade.
Notice: This Is an AI-Generated Summary
Comments (0)