• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Petrobras Plans Dividend Squeeze To Fund Transition to Renewables

Petrobras Plans Dividend Squeeze To Fund Transition to Renewables

Brazil’s state-owned energy heavyweight Petrobras…

9 Million Barrels of Saudi and Iraqi Oil Delayed Amid Red Sea Chaos

Tankers carrying nearly 9 million barrels of oil from Saudi Arabia and Iraq will delay their deliveries as they have diverted away from the Red Sea/Suez Canal route in recent days, and are now headed on the longer route via Africa, Bloomberg vessel-tracking data showed on Friday.

The tankers loaded crude oil and petroleum products at Saudi Arabia’s ports of Ras Tanura and Jubail and at Iraq’s port of Basra and were originally headed to Europe via the Red Sea and the Suez Canal. However, those tankers diverted away from the Bab el-Mandeb Strait on or after January 12, Bloomberg’s data showed.

On January 12, the world’s largest shipping and tanker industry groups advised members to stay away from Bab el-Mandeb due to security concerns amid intensified attacks on commercial shipping in the area from the Iran-backed Houthis in Yemen.  

The route via the Cape of Good Hope in Africa will increase the voyage time between the Middle East and Europe by about two weeks compared to the Suez Canal route.

This week, another oil supermajor suspended tanker transit through the Red Sea.

Shell has suspended indefinitely all its shipments via the Red Sea/Suez Canal route amid rising tensions in the region and fears of escalating Houthi attacks, The Wall Street Journal reported on Tuesday, citing sources with knowledge of the supermajor’s decision.

In the middle of December, another UK-based supermajor, BP, temporarily suspended all shipments via the route, “in light of the deteriorating security situation for shipping in the Red Sea.”

The tensions in the region have intensified as the Houthis ramped up attacks on commercial shipping in the Red Sea and declared open season on any U.S. ship transiting the area, in response to last week’s U.S.-UK missile strikes on Houthi targets in Yemen.

ADVERTISEMENT

The U.S. has continued to strike Houthi positions this week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News