Oil shipments taking Africa route up 47%

By Reuters

Jun 21, 2024 12:11 am

HOUSTON, Texas — Global crude oil and oil products shipments taking the long route between Asia, the Middle East and the West is up 47 percent since attacks began on vessels using the shorter Red Sea route, the Energy Information Administration (EIA) said on Tuesday.

The longer route around the Cape of Good Hope to avoid attacks by Yemen's Houthis has pushed up shipping costs, as about 12 percent of world total shipping traffic historically sailed through the Red Sea and Egypt's Suez Canal.

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