Crude oil and oil product flows through the Bab el-Mandeb Strait have sharply declined in 2024, dropping by over 50% compared to last year
, according to the U.S. Energy Information Administration EIA in a new report released on Friday. This chokepoint, located at the southern entrance of the Red Sea , plays a critical role in global energy trade. Disruptions here can cause substantial delays in supply chains, leading to higher shipping costs and spikes in global energy prices.
At the same time, oil shipments around the Cape of Good Hope surged to 9.2 million bpd in the first eight months of 2024, up from 6.0 million bpd in 2023. This shift adds pressure to global energy markets, especially as Europe and other regions heavily rely on these maritime routes for their energy imports.
Shipping Tankers Geopolitics Houthis Inflation Interest Rates
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