China Adds Persian Gulf Oil Bookings as Red Sea Crisis Persists
Crude oil shipping routes have been roiled this year as Iran-backed Houthi rebels in Yemen target commercial vessels in the Red Sea.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
Chinese bookings for tankers carrying crude oil from the Persian Gulf have risen in recent days, adding to signs that the biggest importer is sourcing more from the area amid shipping disruptions in the Red Sea.
So far this week, at least 10 Very Large Crude Carriers were provisionally booked from the Persian Gulf to China, according to fixtures compiled by Bloomberg. It’s unusual for that number of supertankers to be arranged in just three days. There were fewer bookings than that in the whole of last week.