Dow Jones Newswires reports that Red Sea oil shipments are down more than 50% due to Houthi attacks. They write:
Continuing unrest in the Red Sea region led to a sharp decline in oil-related shipments this year, according to the Energy Information Administration.
Shipments of crude oil and refined products through the Bab el-Mandeb strait at the southern end of the Red Sea fell by more than 50% over the first half of this year from volumes in 2023, the agency said on Friday.
Yemen-based Houthi militias began attacks on commercial ships in the Red Sea in November. That led some vessels to avoid sailing through the sea to the Suez Canal, opting instead to take the longer sea route around Africa, the agency said.
In 2023, petroleum shipments through the Bab el-Mandeb strait averaged 8.7 million b/d, the agency said. Over the first eight months of this year, they averaged 4 million b/d, according to EIA. […]
The EIA analysis said increased U.S. oil production has made the country less reliant on Mideast imports.
The U.S. last year imported an average of 609,000 b/d from Persian Gulf countries, compared with 2 million b/d in 2013. The region accounted for just 9.3% of all U.S. crude oil imports last year, the agency said.
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