Red Sea Crisis Adds 100,000 Bpd to Global Oil Demand ...Middle East

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The threat of attacks by Yemeni Houthis on vessels crossing the Red Sea have added 100,000 bpd to global oil demand as ships choose to divert to a longer route around Africa. This is according to the chief executive of commodity trading major Vitol, Russel Hardy, who said that "We have had to re-orientate so much all over," because of the crisis. Speaking at a panel at CERAWeek, as quoted by Reuters, Hardy noted that because of the situation in the Red Sea, the total distance traveled by ships now is about 3% more than it was before the…

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Last updated : 21 March 2024 clock 01:37 PM

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Red Sea Crisis Adds 100,000 Bpd to Global Oil Demand ...Middle East

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