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Energy · Singapore ·

Asian oil buyers turn to Africa and Brazil; ASEAN plans emergency stockpile

Reported by 2 outlets · first reported Nov 12, 1:35 AM ET

Asian buyers are shifting to African and Brazilian oil as tanker rates from the Gulf fall. ASEAN agreed to set up a joint crude stockpiling scheme because of supply disruption from the Iran war. Brent crude fell about 0.4% to $92.39 a barrel. Peace hopes pressed prices down.

Why it matters

Fuel costs for Asian households and businesses depend on how supply recovers.

Background

Gulf exports were disrupted by the war with Iran.

The story so far

  1. Oil rebounds toward $100 after midweek slump
  2. Oil falls as Iran hopes grow
  3. Asian oil buyers turn to Africa and Brazil; ASEAN plans emergency stockpile

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Sources

This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.

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