Heavy Oil Crunch Could Drive Up Shipping and Construction Costs

A limited supply of heavy crude is pushing up heavy crude oil prices and refining costs globally, which could raise costs for shipping and road construction this summer, analysts told Reuters. Recent export cuts from Mexico and the imminent start-up of the expanded Trans Mountain Pipeline in Canada – pushing more of Canada’s heavy crude to the Pacific instead of the Atlantic basin – are adding to existing supply tightness in the global heavy crude market.

The ABS index - which includes the Johan Sverdrup grade pumped at the same-name giant oilfield offshore Norway – reached its highest level in 14 months in the middle of April, per data from price agency Argus Media cited by Reuters. The index is still trading in line with Dated Brent, the light-sweet benchmark. Mexico has reversed plans for export cuts, easing some of the upward pressure.

Heavy Oil Shipping Construction Oil Prices Refining Costs

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