Asian Refiners Shun US Oil as Supertanker Rates Soar to $82 Million

Supertanker rates reaching $82 million per cargo have effectively shut down the arbitrage for US crude oil to Asia, according to shipbrokers and traders. This forces Asian refiners, who previously relied on US supply, to shift towards more expensive or distant barrels from the Middle East and South America. This disruption in global crude supply chains could exert upward pressure on international oil prices, potentially impacting Pakistan's import bill and contributing to PKR weakness, which typically supports local gold prices.

بحوالہ / Source: oilprice.com