KABUL: A sharp increase in maritime shipping costs has reduced exports of heavy crude oil from the Americas, leading to a buildup in inventories of the grade, Reuters has reported.
According to the report, the cost of transporting oil from the Americas to Asia has surged from $10 million to $15 million at the beginning of this year to more than $80 million per tanker.
Meanwhile, Asian and European countries are facing oil supply shortages, while global crude prices remain above $100 per barrel.
Reuters added that U.S. oil refineries are also operating close to their maximum capacity, leaving them with limited ability to process additional crude oil.