Summary
- Kuwait said it has partially scaled back refinery operations due to fallout from the closure of the Strait of Hormuz.
- Indian refiners said they are urgently securing Russian crude on the scale of several million barrels.
- It was assessed that global crude supply jitters are widening due to Middle East military conflict and disruptions to maritime transport.
Forecast Trend Report by Period
Kuwait is reported to have partially scaled back operations at its refineries in the wake of disruptions from the closure of the Strait of Hormuz.
According to Walter Bloomberg on the 5th (local time), Kuwait reduced crude throughput at some refineries as setbacks emerged in crude exports and transportation. The Strait of Hormuz is known as a critical maritime shipping lane through which about 20% of global oil supplies pass.
Over the same period, Indian refiners were seen urgently securing Russian crude. Sources said Indian refiners are purchasing several million barrels of Russian crude cargoes available for immediate delivery.
With global crude supply jitters intensifying amid military conflict in the Middle East and disruptions to maritime transport, Asian refiners are seen moving to secure alternative sources of supply.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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