The Daily Journal.- Heavy crude and other grades of oil have accumulated across the Americas in recent weeks as historically high maritime freight rates have hindered exports to Asia and Europe.
This market paradox has left Asian and European buyers scrambling to secure supplies, with Brent crude prices exceeding $100 per barrel.
Consumers in Asia and Europe also face soaring transportation costs, as chartering a supertanker from the U.S. Gulf Coast to Asia has surpassed $80 million. That amounts to approximately $40 per barrel, more than double the freight rates earlier this year. At the beginning of 2026, chartering a supertanker cost between $10 million and $15 million.
“It’s all about freight rates,” said Scott Shelton, an energy specialist at TP ICAP.
Meanwhile, Venezuelan oil exports surged following Nicolás Maduro’s capture in January and efforts to revive the country’s oil industry. However, Gulf Coast refineries have already purchased as much heavy crude as they can process, operating at 93.5% of capacity, their highest level in 28 years.
Venezuelan heavy crude traded at approximately $74.50 per barrel, excluding freight costs, its lowest price in six weeks.
While oil continues to accumulate across the Americas, buyers in Asia and Europe face shortages that force them to pay substantial premiums. Heavy crude grades from Canada, Colombia, and Ecuador have also fallen by more than $10 per barrel.
The global oil market’s divergence reflects an unusual phenomenon: abundant supplies in the Western Hemisphere and shortages in the Eastern Hemisphere.
With information from Reuters.
