OPEC's monthly report shows that the global crude oil freight market experienced significant volatility in July due to disruptions in trade flows. Although VLCC (Very Large Crude Carrier) spot freight rates fell 18% month-on-month, they still surged 432% year-on-year, reaching historical highs. Freight rates on the Middle East to East Asia route soared 731% year-on-year. In contrast, Suezmax and Aframax tanker freight rates strengthened month-on-month, rising 28% and 44% respectively, with Aframax tanker freight rates on the Mediterranean route jumping an even more dramatic 61% month-on-month. OPEC noted that despite high freight rates, global refinery utilization rates remained above 78%, driven by strong refining margins.
