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Shipping costs impact Asia's US oil demand
Reports indicate that rising shipping costs for oil tankers to unprecedented levels threaten Asian refineries' ability to purchase U.S. crude oil, prompting them to seek alternatives from the Middle East and Latin America. For example, the cost of chartering a supertank to transport two million barrels from the Gulf of Mexico to China in November was around $80 million, making oil transportation uneconomical and closing the arbitrage window that previously benefited from price differentials between markets.
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