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Shipping Disruption Lifting Fuel Demand: Vitol

OIL

Shipping disruptions due to attacks by Houthi rebels in the Red Sea have boosted fuel demand amid longer voyage times, according to Vitol, cited by Argus.

  • "We're consuming 100,000 b/d more fuel to go the long route globally," Vitol’s chief executive Russell Hardy said at CERAWeek.
  • This has added around 3% to the number of miles travelled.
  • Nonetheless, the number of tankers passing through the Suez Canal is still higher today than in 2019, due to the redirection in trade flows after Russia’s invasion of Ukraine.
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Shipping disruptions due to attacks by Houthi rebels in the Red Sea have boosted fuel demand amid longer voyage times, according to Vitol, cited by Argus.

  • "We're consuming 100,000 b/d more fuel to go the long route globally," Vitol’s chief executive Russell Hardy said at CERAWeek.
  • This has added around 3% to the number of miles travelled.
  • Nonetheless, the number of tankers passing through the Suez Canal is still higher today than in 2019, due to the redirection in trade flows after Russia’s invasion of Ukraine.