Asian refiners have reduced run rates by 3.9 million-4.2 million barrels per day due to disruptions in crude shipments through the Strait of Hormuz. Total seaborne crude imports in Asia-Pacific dropped from 21.1 million b/d in February to 13.8 million b/d in April, before recovering slightly to 14.4 million b/d by mid-May. The reliance on alternative crudes from Latin America, West Africa, and the U.S. has increased amid high costs for replacement grades.
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