October 11, 2024 18:05 GMT
OIL: Red Sea Oil Shipments Down Over 50% on Year: OPIS
OIL
Continuing unrest in the Red Sea led to a sharp decline in oil-related shipments in 2024, according to the EIA, cited by OPIS.
- Shipments through the Bab el-Mandeb strait fell over 50% in H1 2024 compared to 2023 levels
- Flows through the Red Sea averaged just 4m b/d in Jan-Aug. 2024, compared to 8.7m b/d during the same period in 2023.
- Shipments around the Cape of Good Hope rose from 6m b/d in 2023 go 9.2m b/d in Jan-Aug.
- US domestic oil production had made it less reliant on Middle East imports, the EIA said
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