Record Tanker Rates Strand Heavy Crude in Americas, Asia Faces Shortage

Middle East crisis has pushed tanker rates to record highs, creating a vessel shortage that is disrupting global heavy crude flows. This has tipped North and South American heavy crude into oversupply while Asia and Europe face shortages, with Canada's 5 million bpd output and rising Venezuelan production exacerbating the imbalance. The logistics bottleneck is reshaping regional crude pricing and trade patterns.