According to the chief executive of Vitol, the Red Sea crisis has boosted global oil demand by 100,000 bpd as ships divert from the region.
The threat of attacks by Yemeni Houthis on vessels crossing the Red Sea have added 100,000 bpd to global oil demand as ships choose to divert to a longer route around Africa. This is according to the chief executive of commodity trading major Vitol, Russel Hardy, who said that 'We have had to re-orientate so much all over,' because of the crisis.
This was also one reason why the International Energy Agency revised its oil demand outlook higher in its latest Oil Market Report. Calling the development “unexpected”, the IEA wrote that demand for oil was seen rising 1.7 million bpd in the first quarter of the year, “on an improved outlook for the United States and increased bunkering.
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