Insight
Red Sea crisis leads to stronger bunker demand
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Report summary
The Red Sea remains one of the critical global chokepoints for international trade. For oil, an average 8.5 million b/d of crude oil and refined products sail through the Red Sea according to our Vessel Tracking, Crude Trade Service and Refined Product Trade deliverables. However, the Israel-Gaza war has triggered Houthi attacks in the Red Sea on global shipping. Ships are diverting to southern Africa around the Cape of Good Hope, a longer route that adds as much as 16 days. In this Insight we highlight the impact on oil demand from the diversions around the Cape of Good Hope.
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