Red Sea Ships Attacks Push 47% More Crude Oil, Fuels Around Africa

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Danish frigate Iver Huitfeldt sets off for the Gulf of Aden, from the Naval Station in Korsoer, Denmark, January 29, 2024. Ritzau Scanpix/Mads Claus Rasmussen via REUTERS Purchase Licensing Rights, opens new tab.

HOUSTON, June 11 (Reuters) – Global crude oil and oil products shipments taking the long route between Asia, the Middle East and the West is up 47% since attacks began on vessels using the shorter Red Sea route, the Energy Information Administration said on Tuesday.

Saudi Arabia and Iraq sent more crude oil to Europe around the Cape, rather than through the Red Sea and Suez Canal, accounting for 15% of the total increase.

Refined product exports

Asian and Middle Eastern refiners increased their refined product exports to Europe and diverted the cargoes around the cape, representing 29% of the increased trade.

The U.S. received crude oil and refined products from the Middle East and Asia and sent more products to Asia around the cape, EIA noted, adding that total U.S. trade around the cape rose by about one-third, or just over 600,000 bpd.

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Source: Reuters