Oil tanker rate surge pushes Asia, Europe refiners into the red

The Oceania Times > Commodities > Oil tanker rate surge pushes Asia, Europe refiners into the red

October 19, 2026
Noah
Commodities
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Shift to tapping crude from shorter routes sends North Sea Brent oil higher

20261019N Vietnam refinery

Refineries in Asia face profitability challenges mostly stemming from high transport costs. © Reuters

RIONA GOMI and HINAKO SATO

October 20, 2026 06:30 JST

TOKYO — Oil refineries in Asia and Europe are struggling to make a profit despite higher fuel prices due to the surging costs of shipping crude oil.

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