IEA: Houthi Attacks Cause Increase in Floating Oil Shipments

The International Energy Agency (IEA) stated on Thursday that "Houthi attacks, which are forcing ships to alter their routes to longer journeys around the southern tip of Africa, have led to a significant increase in floating oil shipments and have raised fuel sales to ships in Singapore to their highest levels ever." The agency, based in Paris, noted in its monthly report: "In February alone, floating oil shipments increased by 85 million barrels, as repeated attacks on tankers in the Red Sea have diverted more shipments around the Cape of Good Hope." It added: "Reaching nearly 1.9 billion barrels by the end of February, floating oil shipments have recorded the second highest levels since the peak caused by the COVID-19 pandemic." The agency pointed out that "the rerouting of ships is also contributing to increased fuel supplies at smaller specialized ports in southern Africa, such as Walvis Bay in Namibia, Richards Bay and Durban Bay in South Africa, and Port Louis in Mauritius."