The decrease in orders from Asian refineries for purchasing U.S. crude oil due to rising transportation costs has significantly impacted the country's oil exports. According to analyses, demand for oils closer to consumption markets has increased, forcing American and African producers to offer their oil at larger discounts.
Current Status of U.S. Crude Oil Exports
Orders from Asian refineries for purchasing U.S. crude oil in November have fallen to their lowest level in seven years, dropping to about 25 million barrels. This figure represents a 50% decrease compared to September. The rising cost of transporting oil, which has reached a record $80 million for each trip from the Gulf Coast to China, has made conditions difficult for refineries. The average cost of transporting oil with a supertanker from the U.S. to Asia is around $60 million.
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Factors Affecting the Increase in Transportation Costs
The Iran war has severely impacted the efficiency of tanker voyages and reduced the availability of ships. This situation has caused tankers to wait for weeks to perform loading and unloading operations in the Gulf of Oman and the Strait of Hormuz. According to Kepler's data, the number of very large tankers active in this region has reached about 80, but the average round-trip time has increased to 23 days.
Randy Hawkins, Vice President of Supply and International Crude Oil Trading at Valero Energy, stated during the company's financial results meeting that transportation costs have now become a key issue in the market. He noted that the cost of transporting a very large tanker from the Gulf Coast to Asia is now about $30 to $35 per barrel, whereas this figure was around $5 in 2025.
The increase in demand for crude oil from European and Middle Eastern refineries has led to a rise in prices for certain types of oil. For example, the dated Brent oil index traded last week at a record premium of $20 per barrel over Brent. In contrast, U.S. and African crude oils have been offered at significant discounts due to rising transportation costs.
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