RUSSIA INCREASES OIL EXPORTS THROUGH BALTIC

Difficulties in shipping ships from the Middle East via traditional routes could lead to serious supply delays and higher prices

Volumes of oil and petroleum products transiting through the southern chokepoint at the mouth of the Red Sea, the Bab el-Mandeb Strait, have fallen by more than 50% in eight months of the year, the U.S. Department of Energy's Energy Information Administration (EIA) reported. ) estimated.

Thus, according to Vortexa, oil flowing through Bab el-Mandeb averages 4 million barrels per day. for 8 months of 2024 compared to 8.7 million barrels per day. for the whole year 2023. At the same time, oil and fuel flows through the Cape of Good Hope increased to 9.2 million barrels per day. in January-August 2024 compared to 6 million barrels per day. in 2023.

Attacks in the Red Sea by Yemeni Houthis, which began a year ago, are forcing ships to take the longer but safer route around the Cape of Good Hope, which could lead to significant delays in supplies and higher costs, the EIA warns. That means global energy prices could rise.