Shipping
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Crude Oil
Mounting Tensions in Gulf Affect Oil Shipping Rates
Oil tanker owners are elevating the costs they charge to export Middle East crude as tensions mount in a region that accounts for about third of all seaborne petroleum shipments. Rates for transporting 2 MM-bbl cargoes from Saudi Arabia to China leaped to nearly $26,000 a day on Thursday – over double where they were initially in June, according to…
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