The Red Sea, an essential maritime corridor connecting Europe, Asia, and Africa, is responsible for 12-15% of global trade annually. This narrow waterway is particularly critical for oil transportation, with approximately 7 million barrels of oil passing through it each day. It also serves as ...
For the routes between Asia and Europe, the Red Sea is the only way to go. The daily trade routes between the Red Sea and Suez Canal account for 12% of the total global trade, including 30% container transport and 10% oil shipping; If you don't cross the Red Sea, you have to byp...
Red Sea: Oil-Price Squeeze May Force Alberta to Run Deficit in Operating BudgetAlberta in danger of staying in the red--EDMONTON - The price squeeze on heavy oil is gutting...Bennett, Dean
No quick fix for Red Sea shipping risks, impact potentially drags on to 2Q 2023 ended with new disruptions for trade and supply chains following the security crisis in the Red Sea and there’s no end in sight yet. To avoid Houthi militant attacks on their vessels in the Gulf ...
ADEN, Yemen, Sept. 4 (Xinhua) -- A Yemeni government naval official said on Wednesday that a minor oil spill had been detected from a Greek tanker targeted by Houthi forces two weeks ago in the Red Sea. The official, speaking on condition of anonymity, said that the oil spill was obser...
After announcing that it would resume Red Sea voyages, the company stated that it would impose anemergency contingency surcharge (ECS)on routes beginning in 2024 on the grounds that moving through the Red Sea involves a variety of risks and challenges, as well as disruptions in shipping ...
In conclusion, the Red Sea disruption has far-reaching implications across various sectors. It highlights thevulnerability of global trade to geopolitical tensionsand underscores theneed for diversified trade routes and strategiesto mitigate such risks. The situation demandsclose monitoring and adaptive resp...
"Today the conflict in Israel and Gaza goes on, a resolution does not seem to be at hand and the regional risks continue to be high," Wirth told CNBC's Brian Sullivan at CERAWeek China demand, U.S. production Crude oil futures have risen this year, but have struggled to break o...
has prompted major shipping and oil companies to suspend transit through the critical maritime trade route, raising concerns about potential global economic repercussions. In response, the United States and several other nations are forming a new coalition to safeguard ships navigating the Red Sea. ...