[Middle East Crude Oil Exports Rebound, Soaring Freight Costs Squeeze Asian Refiners' Profits] BlockBeats News, October 19: Middle East crude oil exports continue to recover, but skyrocketing transportation and insurance costs are significantly eroding the profits of Asian refiners. According to HiLo Analytics data, Asian refiners' average gross profit per barrel is approximately $40, but after deducting about $33 in freight costs, the net profit is reduced to just $7, with freight costs consuming about 82% of the gross profit. In contrast, this ratio is only about 16% for refiners in the U.S. Gulf Coast and Northwest Europe. On the supply side, Kpler data shows that Middle East crude oil exports in September rebounded to 15.4 million barrels per day, roughly 90% of pre-war levels. Asian crude oil imports in October are expected to reach 23.5 million barrels per day, the highest level since February this year. However, attacks by Iran on oil tankers in the Strait of Hormuz continue to drive up freight and insurance costs, with transportation costs on some routes now several times higher than pre-war levels. To attract Asian buyers, Middle Eastern oil-producing countries have been forced to significantly lower crude oil prices, with some discounts reaching as much as $30 per barrel. However, the strategy of trading price for volume has struggled to offset the pressure of logistics costs. If refiners further cut operating rates or shift to other crude oil sources, the recovery of Middle East exports may face renewed obstacles. [Original Article Link]