The volatility is due to a variety of factors, including ongoing volatility in global crude prices, the escalating US-China trade war, weakening currencies in the region, US sanctions on Iran, and the upcoming implementation of the International Maritime Organization's 0.5%-sulfur bunker spec. Iran used to be a major bitumen supplier to the region, but the resumption of US sanctions in early Nov. has led Asian bitumen buyers to turn to Bahrain to replace lost Iranian shipments. Bahraini bitumen cargoes have been moving to southeast Asia since Sept. The region is expected to become more reliant on imports moving forward after Hyundai Oilbank commissioned a new delayed coker and S-Oil commissioned a new resid fluid catalytic cracker this year.
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