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- Global oil market operates through phone negotiations for price alignment worldwide.
- Refineries' profitability surged due to retiring capacity and demand increase, hindering new construction.
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Crude Oil Market Dynamics
Crude oil prices heavily influence gas prices, with a barrel of crude oil dictating a significant portion of the gasoline cost. The global oil market operates through phone negotiations among buyers, sellers, and brokers, ensuring prices align globally due to arbitrage. Tankers can adapt mid-shipment to secure better deals, maintaining price consistency worldwide.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode