Oil Tankers Plying the US-China Route Command $60 Million. It’s Crushing Demand.

US crude oil exports to Asia are forecast to reach multi-year lows following shipping disruptions attributed to the Iran war, which pushed tanker lease costs for Pacific routes to nearly $80 million. The high transportation costs have reduced the competitiveness of US crude in Asian markets. Major buyers including China, Japan, and South Korea have shifted purchases toward other suppliers with lower shipping expenses.

• Bloomberg — Oil Tankers Plying the US-China Route Command $60 Million. It’s Crushing Demand.

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