Free Trial

Red Sea Diversions Adding 100kbd to Global Bunker Demand: Vitol

OIL PRODUCTS

Red Sea shipping diversions are adding an extra 100,000 bpd to global bunker demand according to Vitol’s Chief Executive Officer Russel Hardy at CERAWeek.

  • Total distance traveled by ships is about 3% more than it was before Yemen's Houthi group started attacking shipping, Hardy added.
  • "We have had to re-orientate so much all over," he said, adding "There is a lot more unusual movement happening today than what was happening in 2019."

To read the full story

Close

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.