An Iraqi labourer works near a tanker docked at a floating platform on September 21, 2014, offshore from the southern Iraqi port city of Al Faw, 90 kilometres south of Basra. AFP PHOTO/ HAIDAR MOHAMMED ALI
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The oil-refining wave in the Middle East is filling tankers to export the region's processed fuels and driving freight rates to the highest for the time of year since 2008 . Countries from Saudi Arabia to the United Arab Emirates will process 8.8 million barrels a day of crude this year, almost 10 percent of global consumption, the highest in International Energy Agency estimates starting in 2006 . Traders booked 19 percent more Persian Gulf oil products on tankers in the spot market this year than the same period in 2013, charter data compiled by Bloomberg show. The largest vessels get rates of more than $22,000 a day, the most for September in six years. Large Range 2 tankers, the biggest oil-product carriers and as such the kind best suited to long-distance trades, earned $22,548 a day on Sept. 19 from transporting Saudi Arabian fuels to Japan, the most for the time of year since 2008, according to data from Clarkson.Traders booked 90.86 million metric tons of oil-product cargo to load from ports in the region on the spot market so far this year, compared with 76 million tons during the same period in 2013, lists of charters collated by Bloomberg show.
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