Vitol signals persistent oil transit issues
Vitol company points out that the oil market has dealt significantly with supply disruptions, but crude prices remain high due to the lack of clear solutions to transportation issues from the Middle East. Transportation operations face security and logistical challenges, as tankers employ inefficient methods, such as transferring cargo between ships in the Gulf of Oman, to reduce security risks. This increases costs and prolongs voyage times. Renting some ships costs more than $1.2 million per day. Meanwhile, oil exports from the region have recovered to about 91% of pre-war levels, though challenges in fuel and gas export operations continue.
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