Asian oil refiners are increasing purchases of African and Brazilian crude as tanker shipping costs fall from October’s record levels, making imports from the Atlantic Basin more affordable. Freight rates for major oil tankers have declined by about 50% from last month’s peaks, reducing the cost of delivering crude to Asia by $5 to $10…
Oil prices rose on Thursday, reversing earlier losses, following a report that Chinese refiners have suspended October fuel exports, further squeezing war-constrained energy markets. International benchmark Brent crude with December expiry was last seen trading 2.2% higher at $100.15 per barrel, having earlier traded 1% lower, while U.S. West Texas Intermediate futures with November expiry…
The African Refiners and Distributors Association (ARDA), has said that the continent’s crude oil consumption will surge from about 1.8 million barrels per day in 2024 to as much as 4.5 million barrels per day by 2050, positioning the continent’s downstream energy sector as one of the world’s most significant untapped investment frontiers. Executive Secretary,…
