Oil and prices
Shipping routes from the Middle East Gulf to Asia
IEA: Gulf-to-Asia crude freight exceeded US$37 per barrel in mid-October
Master Services Technical TeamSelection and context
Published by Master Services
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Summary
The International Energy Agency reported on October 21 that shipping crude from the Middle East Gulf to Asia on large tankers cost over US$37 per barrel in mid-month, more than five times the pre-conflict level. For refined products, Gulf-to-Japan freight on LR1 tankers was nearly US$27 per barrel. These are reported transport costs for those routes.
Why it may matter to operators
When comparing supply quotations, stations and fleets can ask suppliers to identify the product, origin, destination, date, unit and included charges. This helps distinguish changes in fuel costs from changes in transport costs. Applying these rates to Panama would require evidence about the actual route and local contract; this note cannot establish a pump-price adjustment.
Editorial note
Summary and context by Master Services. Consult the original source and confirm local applicability for each project.