How Iran and three mega-refineries have set Asia's oil market on fire

As oil refiners from India to South Korea scramble to find alternative supplies to Iranian crude, they are pushing up the prices of crudes that can substitute for lost shipments

When the Navarin, an oil supertanker carrying 2 million barrels of Middle East crude, docks at the Malaysian port of Pengerang on Monday, the arrival will signal the start of a torrid time for Asia’s oil market.

The ship is delivering the first cargo to a new mega-refinery, one of three scheduled to come online in the region in the next few months. They’ll add a total of 1.1 million barrels a day of processing capacity, enough to swallow the entire output of OPEC member Libya. The extra demand comes just as physical oil supplies are made scarcer by US