The surge in tanker freight rates may further reduce U.S. oil exports to Asia

According to Reuters on October 11, a number of trade and shipping sources said on Thursday that rising freight rates have increased the cost of transporting oil from the United States to Asia and could further restrict the flow of U.
S.
oil to Asian markets
later this year, Reuters reported on October 11.

Freight rates for crude carriers around the world rose
sharply due to seasonal spikes in demand, weather disruptions and rising fuel costs, the sources said.

The cost of chartering a very large tanker capable of transporting 2 million barrels of crude from the U.
S.
Gulf Coast to South Korea and Japan rose to more than $7 million this week, $1 million to $2 million higher than the previous week
, according to a shipbroker.

Asian crude imports are expected to fall to 19 million barrels in November, the lowest level since March, as buyers hold off rising prices
, according to Refinitiv Eikon.