Asian Refiners Hesitate on Gulf Oil Due to High Tanker Rates

Asian refiners are facing a surge of over 60 million barrels of oil ready to exit the Strait of Hormuz but are reluctant to purchase due to soaring tanker rates. This situation is causing a backlog of available Gulf oil despite demand.

18 Jun, 22:00 — 18 Jun, 22:00

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zerohedgeLow60d ago

Gulf Oil Is Available Again, But Asian Refiners Balk At Soaring Tanker Rates

Gulf Oil Is Available Again, But Asian Refiners Balk At Soaring Tanker Rates Iran and the US have a peace deal? check (for 60 days, allegedly). Strait of Hormuz open? check (for 60 days, allegedly). Ships transiting freely? check (not really) Massive build up of Gulf oil desperate to reach Asian refiners? check. All great news, which means that oil should now flow freely and in huge amounts, right? Wrong: two of Asia's largest refiners, PetroChina and Indian Oil, failed to secu...

By Tyler Durden

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Asian Refiners Hesitate on Gulf Oil Due to High Tanker Rates

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Gulf Oil Is Available Again, But Asian Refiners Balk At Soaring Tanker Rates

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