The Mediterranean is rapidly becoming the world’s most oversupplied oil market, as exports from OPEC heavyweights Iraq and Iran, rising star Kazakhstan and the return of Libyan crude force traders to get creative in marketing their barrels. Supply of virtually every key grade of crude in the region has increased in the last year, in spite of the benchmark oil price struggling to hold above $45 a barrel and showing a year-on-year loss of over 10 percent. Low freight rates and fierce competition for buyers have unleashed unusual trade flows of Mediterranean crude and prompted some producers to get creative with blending to expand their client base. Looking at combined exports of major grades from OPEC members Iran, […]