KPC CEO: No Pipelines, Inventories Are Alternative to Free Hormuz Shipping

The notable signal is the split between crude and refined products: ample crude but short products implies the constraint is processing and logistics, not the molecule itself, which is where the real pricing pressure sits. KPC's refusal to discount or insure customers who bring their own tankers shifts war-risk costs onto buyers, effectively repricing Gulf liftings without touching the official price. Whether that stance holds as attacks continue, and whether the tanker fleet and ship-to-ship transfers can keep volumes moving, is the open question.