India, Oct. 15 -- Escalation of attacks threatens to derail recovery in Middle East oil exports, says the International Energy Agency's Oil Market Report for October.
"A recovery in Middle East oil supply was well underway in September, with Gulf crude oil exports approaching pre-war levels. However, the recent escalation in attacks on regional energy infrastructure and tanker traffic is threatening to derail further gains. At the same time, record tanker rates raised crude delivery costs and eroded refinery margins. Brent crude futures have risen by 13 percent since the start of September to around $107/bbl. Physical markers have increased much more, with North Sea Dated up by 43 percent to $134/bbl and other North Sea grades trading up t...