India would often import crude from the Middle East and then re-export diesel to Europe. That's an extraordinarily expensive trade now given how expensive shipping is. So, up until recently, we never really thought about this because essentially time and distance was nearly free in the oil market. Shipping on tankers was so cheap that it was really, really easy to arbitrage various markets, you know, from surplus to deficit, etc. But now, you've essentially this this explosion of shipping rates has essentially fractured
So, up until recently, we never really thought about this because essentially time and distance was nearly free in the oil market.