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Revealed: The hidden cost of the oil price spikes

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Gulf News
“Revealed: The hidden cost of the oil price spikes”

Shipping Middle East oil to East Asia has become dramatically more expensive, with freight and insurance adding nearly $50 per barrel to transportation costs, OPEC data shows. The real cost of the global oil shock is no longer measured by crude prices alone. Here's why: Oil prices now go beyond the published forward contract delivery rates of crude oil: tanker freight and insurance costs have soared nearly 12-fold. Specifically, the expense of transporting and insuring oil shipments from the…

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