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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
In January-November this year around 7.2mbpd of liquids – crude and products – were transported by tankers along the Red Sea route, with crude marking the largest share, Vortexa data showed.
- Around 30 tankers enter or leave the Red Sea everyday via the Bab el Mandeb strait, while 26 vessels transit via the northern side via the Suez Canal.
- Europe has historically been an importer of middle distillate products from the Middle East and India. Volumes of diesel and crude oil sailing northbound have grown sharply on the back of European and US sanctions on Russia, which have boosted the importance of flows via the Red Sea.
- Flows from the Middle East Gulf for North Europe could be extended by 17 days to 40 days if vessels chose to transport fuels via the Cape of Good Hope instead of the red Sea.
- Southbound flows are now largely dependent on cargo originating from Russia, as a result of the redirection of Russian Baltic/Black Sea crude to mainly India and China, and Russian fuel oil and naphtha to Singapore and East Asia.
- Russian Black Sea flows to China could rise from 31 to 55 days while Russian Baltics flows to India could rise to 44 instead of 27 days.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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