The Hidden Cost of Saudi Arabia’s Oil Export Recovery

AI Summary

Brent crude is holding near $100 as recovering Gulf oil flows coincide with high freight costs and rising tanker risks. China’s halt to refined-product export licenses has led state-owned firms to cancel October cargoes, removing a source of supply for Asian markets.

Brent holds near $100 as recovering Gulf oil flows collide with record freight costs and mounting tanker risks. Asia’s Product Market Loses Its Chinese Safety Valve - China has been at the forefront of this month’s refined product rally after the country’s Ministry of Commerce stopped issuing licenses for refined product exports, prompting several state-owned firms to cancel October-loading cargoes. - With Chinese product exports initially expected to average 750,000 b/d this month, Beijing’s (temporary) export ban has sent…