Global demand is also driven by the "comparatively buoyant economy" of the United States where oil consumption is gaining momentum on rising petrochemical operations.Commercial ships have been taking longer and costlier journeys around the southern tip of Africa to avoid attacks by Yemen's Houthis. / Photo: Reuters Archive
Commercial ships have been taking longer and costlier journeys around the southern tip of Africa to avoid attacks by Yemen's Houthis in the Red Sea, a vital international trade route. "Disruptions to international trade routes in the wake of turmoil in the Red Sea are lengthening shipping distances and leading to faster vessel speeds, increasing bunker demand," the IEA said, using a term for the fuel needs of ships.
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