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Soaring freight is forcing oil producers into discounts, pushing delivered prices towards $140/bbl in China and prompting producers to absorb more transport costs to secure buyers.
Unprecedented shipping costs force crude producers to slash export prices, distorting global energy routes and market margins.
SINGAPORE/SEOUL — Asian refiners are turning to options such as using smaller tankers and vessels on long-term charter, and buying Middle East crude on delivered basis to cut feedstock costs as freight rates hover near records, company officials said.Spot rates for oil tankers hit all-time highs in early October as…