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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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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