The global oil market is looking increasingly local as militant attacks in the Red Sea and surging freight rates make supplies from closer to home more attractive.
A sl ump in tanker traffic through the Suez Canal is spurring the beginnings of a split, with one trading region centred around the Atlantic Basin and including the North Sea and the Mediterranean, and another encompassing the Persian Gulf, the Indian Ocean and East Asia. There is still crude moving between these areasvia the longer and costlier journey around the southern tip of Africa but recent buying patterns point to disconnection.
Across Europe, some refiners skipped purchases of Iraqi Basrah crude last month, according to traders, while buyers from the continent are snapping up cargoes from the North Sea and Guyana.
Across Europe, some refiners skipped purchases of Iraqi Basrah crude last month, according to traders, while buyers from the continent are snapping up cargoes from the North Sea and Guyana.
Full story at Bangkok Post - Red Sea danger leads global oil buyers to switch markets
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