Vessels off Singapore, Malaysia and China had about 62 million barrels last week after hitting a near three-month high earlier this month, according to intelligence firm Kpler. Venezuelan oil and Iran’s heavier grade – commonly imported as bitumen mixture – are among the varieties held, Kpler said.(File pic shows an oil refinery in Singapore)
SINGAPORE: Oil stored in ships has been piling up off key Asian ports as a crackdown in China on private crude oil processors has blunted purchases and disrupted flows, including some United States-sanctioned barrels from Iran.
Vessels off Singapore, Malaysia and China had about 62 million barrels last week after hitting a near three-month high earlier this month, according to intelligence firm Kpler. Venezuelan oil and Iran’s heavier grade – commonly imported as bitumen mixture – are among the varieties held, Kpler said.
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