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Hormuz shuttle service has repriced delivered crude — and West African barrels are paying for it
About 80 VLCCs tied up moving oil out of the Gulf, freight to Asia near $40/bbl, and some West African crude differentials pushed to record lows near minus $20/bbl, per London-based traders: on 20 October the binding constraint in the oil market stopped being crude price and became cargo economics. The same delivered-cost arithmetic now governs whether Africa's under-collected waste feedstock can reach European biofuel buyers.
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