ReportedShipping, energy & marketsAmericas; Asia and Europe
Record tanker rates strand heavy crude in the Americas
- Mountain Time
- Local time
- 11:00 PM UTC
- Where
- Americas; Asia and Europe
Record freight rates have left heavy crude in Canada, Colombia and Ecuador unable to reach Asian and European buyers, OilPrice.com reported. The outlet said shipping costs have reached about $40 per barrel and that regional heavy-crude prices have fallen roughly $10 per barrel.
Why it matters
Freight costs are separating regional crude prices from global demand: American producers face discounted barrels while refiners in Asia and Europe have reduced access to heavy grades.
Source
- OilPrice.comoilprice.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels