Yemen Monitor/News Room
Russell Hardy, CEO of Vitol Energy and Commodities Trading Company, stated on Wednesday that the shipping sector is consuming an additional 100,000 barrels of fuel daily by sailing longer distances in order to avoid crossing the Red Sea.
According to Reuters, Hardy added that the total distance ships are sailing has increased by around three percent since the Houthi group in Yemen began attacking maritime navigation.
He mentioned that the traffic of oil tankers in the Red Sea is currently higher than it has been in the past five years, but global conflicts have caused shifts in global trade flows.
During a panel discussion at the “CERAWeek” energy conference held in Houston, Texas, he continued, “We had to reroute a lot of cargoe ships.”
He further added, “There are more unusual movements going on today than there were in
