A supertanker flying an Iranian flag in waters in the British territory of Gibraltar on Sunday, August 18, 2019. Photo: AP Photo

China’s biggest oil refiner to reduce operations after freight rates for supertankers from the Persian Gulf to China skyrocket

  • The cost of chartering a supertanker from the Persian Gulf to China surged fivefold since late-September, according to Baltic Exchange data
  • Booking a tanker for the West Africa to China route rose to US$10 a barrel – which adds almost 20 per cent to the price of oil
Topic |   Commodities

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A supertanker flying an Iranian flag in waters in the British territory of Gibraltar on Sunday, August 18, 2019. Photo: AP Photo
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