Russia's fuel oil exports increased in July, driven by strong demand from China and Saudi Arabia, with ship-to-ship transfers playing a key role in rerouting shipments towards Asia.
Tankers and container ships that have been avoiding the Red Sea route are set to burn additional 500,000 barrels per day bpd of fuel oil this year due to the longer alternative route via the Cape of Good Hope in Africa, commodity trading giant Trafigura has estimated.
Trafigura, one of the world’s largest independent oil traders, has estimated that an extra 200,000 bpd of fuel oil will be consumed by oil tankers alone this year as they are diverted around the Cape of Good Hope. This increased fuel consumption would be equal to a 4.5% increase in annual emissions from oil tankers alone, according to the commodity trading house.
Fuel Oil Exports China Saudi Arabia Sanctions Ship-To-Ship Transfers Red Sea Houthis Asia
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