Diesel Price Wars
The ultra low sulphur diesel to Europe sees the Saudi Arabia competing head on with diesel exporters India and South Korea. It reduces Asia’s gasoil margin. Saudi Arabia, has turned itself into a major power in offering customers millions of barrels of diesel and potentially triggering a price war with Asian competitors.
The flurry of shipping activity out of Yanbu has seen an increase of freight rates for long-range tankers by nearly 20 percent since last week.
Exports from the Gulf are expected to rise further as its own demand is set to fall at the end of summer when its power generation drops.
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