This piece from last year in Middle East Economic Survey explains a prime motivator in the now controversial ports deal.
Tightness is evident not only in the refining sector but also in the shipping sector. Last year, freight rates surged to levels not seen before in history. Seaborne trade increased by more than 7% last year while average vessel utilization surged to 92%. Longer transport distances, especially due to the world’s growing thirst for lighter grades, led to the increase. Due to high tanker scrapping as a result of stringent EU and International Maritime Organization rules, new additions are unlikely to keep pace with demand...
Rates for product freight are also likely to remain buoyant. The refined product market is becoming global with arbitrage possibilities rising...
Grabbing a larger share of the profits from shipping and refining means that OPEC would be better able to weather a downturn in the price of oil, should the price fall to more fundamental levels as indicated by the lower price of sour, heavy crudes.
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