No impact on oil, LNG production because of Middle East tensions: IEA
11 months ago

No impact on oil, LNG production because of Middle East tensions: IEA

New Indian Express  

NEW DELHI: The ongoing geopolitical tensions in the Middle East, which accounts for one-third of the world’s seaborne oil trade, have not impacted oil and LNG production so far but boosted freight and insurance costs, as per the International Energy Agency in its monthly report. According to its oil market reports for January 2024, the risk of global oil supply disruptions from the Middle East conflict remains elevated, particularly for oil flows via the Red Sea and, crucially, the Suez Canal. The route, in 2023, accounts for 10% of the world’s seaborne oil trade, or about 7.2 mb/d of crude and oil products, and 8% of global LNG trade. While oil and LNG production have not been impacted, a rising number of ship owners are diverting cargoes away from the Red Sea.

Middle East Oil Lng  iea  lng  red  seaborne  east  sea  tensions  impacted  production  impact  trade  worlds  middle  oil

History of this topic

China’s Covert Support To The Houthis: A Strategic Gamble In The Red Sea
3 months, 1 week ago

China’s Covert Support To The Houthis: A Strategic Gamble In The Red Sea

ABP News  

Since late 2023, Yemen’s Houthi rebels have created significant disruption to global shipping, with their relentless attacks on commercial vessels in the Red Sea. By buying Iranian oil despite international sanctions, China is indirectly funding the Houthi rebels, who have been using these funds to disrupt Red Sea shipping lanes, affecting global trade networks. Houthi Attacks And The Impact On …

India and the Red Sea Imbroglio
9 months, 2 weeks ago

India and the Red Sea Imbroglio

The Diplomat  

In August 2022, given that there had been no incident of attacks on merchant shipping off the coast of Somalia since 2018, industries representing various sectors such as shipping, cargo, tanker, and insurance conveyed their position to the International Maritime Organization concerning the removal of the Indian Ocean High Risk Area, effective January 1, 2023. The Houthis are aided and …

Can the IMEC address the Red Sea crisis? | Explained
9 months, 3 weeks ago

Can the IMEC address the Red Sea crisis? | Explained

The Hindu  

The story so far: As the Red Sea crisis enters its fourth month, global supply chains are increasingly grappling with inflated freights, delayed vessel schedules, and product shortages. India’s trade with European and North African countries flows entirely through the Red Sea route which is almost 24% of its exports and 14% of its imports. As per the Federation of …

Disruptions in Red Sea route likely to raise freight and forwarding cost by 25-30%: Report
10 months, 2 weeks ago

Disruptions in Red Sea route likely to raise freight and forwarding cost by 25-30%: Report

The Hindu  

Sustained disruptions in the Red Sea route is likely to raise the freight and forwarding cost by 25-30% for corporates largely dealing in international trade, a report by credit ratings agency Ind-Ra said on February 9. Med-sized entities to be hit The report also said that pressures on cash flow, although moderate for large entities, will further increase borrowings, especially …

Conflict in the Middle East is affecting a key energy lifeline for Europe. How big is the risk?
10 months, 2 weeks ago

Conflict in the Middle East is affecting a key energy lifeline for Europe. How big is the risk?

Associated Press  

FRANKFURT, Germany — Missiles and drones are flying in the Red Sea, disrupting one of the world’s key trade arteries and a chokepoint for energy shipments headed for Europe. Here are key things to know about the threat to Europe’s energy supplies from conflict in the Middle East: WHAT IS GOING ON WITH RED SEA SHIPPING? That means “an extended …

How have Red Sea attacks by Yemen’s Houthi fighters affected companies?
10 months, 2 weeks ago

How have Red Sea attacks by Yemen’s Houthi fighters affected companies?

Al Jazeera  

The strikes have forced ships to change route, causing major disruptions in companies’ chains of production. The world’s second-largest exporter of LNG has stopped sending tankers via the Red Sea although production continues, a senior source with direct knowledge of the matter told the Reuters news agency on January 15. FedEx: The US parcel delivery giant said on January 14 …

How escalating Red Sea crisis poses billions of dollars of risk for India
10 months, 3 weeks ago

How escalating Red Sea crisis poses billions of dollars of risk for India

Al Jazeera  

Houthi attacks on the Red Sea have forced shippers to avoid one of the world’s most crucial trade routes. Exporting Basmati from India has become a challenge for shippers as freight costs have shot up as high as five times with an increase in insurance premiums, shortage of containers and longer transit time, said, Vijay Kumar Setia, director of Chaman …

Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
10 months, 3 weeks ago

Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy

Associated Press  

WASHINGTON — Car factories have idled in Belgium and Germany. “What’s happened right now is short-term chaos, and chaos leads to increased costs,” said Ryan Petersen, CEO of the supply chain management company Flexport. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on.” Roughly 20% of the clothes and shoes imported …

UN: Global trade is being disrupted by Red Sea attacks, war in Ukraine and low water in Panama Canal
10 months, 3 weeks ago

UN: Global trade is being disrupted by Red Sea attacks, war in Ukraine and low water in Panama Canal

Associated Press  

UNITED NATIONS — The U.N. trade body sounded an alarm Thursday that global trade is being disrupted by attacks in the Red Sea, the war in Ukraine, and low water levels in the Panama Canal. Since attacks by Yemen’s Houthi rebels on ships in the Red Sea began in November, he said, major players in the shipping industry have temporarily …

Red Sea Crisis: Agri commodities, Marine food export see maximum impact-CRISIL
10 months, 4 weeks ago

Red Sea Crisis: Agri commodities, Marine food export see maximum impact-CRISIL

Live Mint  

Red sea Crisis is posing challenges for many sectors and any aggravation of the crisis is looked as potential threat for the equity markets too as can stroke inflation. Also these regions accounted for 50% of India’s exports worth ₹18 lakh crore and 30% of imports worth ₹17 lakh crore last fiscal suggests CRISIL data. Differential impact across sectors- As …

China says it’s working to de-escalate tensions in the Red Sea that have upended global trade
10 months, 4 weeks ago

China says it’s working to de-escalate tensions in the Red Sea that have upended global trade

Associated Press  

BEIJING — China, the world’s biggest exporter, says it is deeply concerned about tensions in the Red Sea that have upended global trade by forcing many shippers to avoid the Suez Canal. “China calls for a halt to the harassment and attacks on civilian ships and urges all relevant parties to avoid fanning flames in the area and jointly ensure …

How Red Sea Crisis Raises, Inflation, Supply Chain Worries Anew
11 months ago

How Red Sea Crisis Raises, Inflation, Supply Chain Worries Anew

Bloomberg  

By attacking ships plying the Red Sea, Yemen’s Iran-backed Houthi rebels have caused the biggest disruption to global trade since the Covid-19 pandemic and provoked a military response, including US and UK airstrikes on Yemen. The dangers in the Red Sea have increased costs for operators still plying its waters and prompted shipping companies to reroute much of the sea’s …

Houthi attacks won’t threaten global natural-gas security
11 months ago

Houthi attacks won’t threaten global natural-gas security

Live Mint  

Winter is warmer than usual in Northeast Asia and the Chinese economy is cooler. Asian LNG prices have fallen over 40% to $9.41 per million British thermal units in the past two months, according to Refinitiv. Apart from the mild winter and high LNG inventories, demand for LNG in 2024 will probably be limited by competition from Russian piped gas …

Red Sea: Why is it important to trade and could crisis increase prices?
11 months ago

Red Sea: Why is it important to trade and could crisis increase prices?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK and allies have …

Oil supply tightens in Europe over Red Sea disruptions
11 months ago

Oil supply tightens in Europe over Red Sea disruptions

Al Jazeera  

The volume going to Europe from the Middle East has nearly halved amid continuing attacks by Yemen’s Houthi rebels. The structure of the global benchmark Brent crude futures market and some physical markets in Europe and Africa have been reflecting tighter supply partly over concerns about shipping delays as vessels avoid the Red Sea due to missile and drone attacks. …

US strikes more Houthi targets in Yemen after Greek ship becomes latest vessel struck in Red Sea
11 months, 1 week ago

US strikes more Houthi targets in Yemen after Greek ship becomes latest vessel struck in Red Sea

ABC  

The United States has launched new attacks against Houthi rebel targets in Yemen, destroying four anti-ship ballistic missiles. Key points: Since the start of the conflict in Gaza between Israel and Hamas, Houthis have repeatedly attacked shipping The Iran-allied rebels have threatened to expand its attacks in response to American and British strikes on its sites in Yemen The White …

Yemen’s Houthis claim attack on ship in Red Sea as US confirms new strike
11 months, 1 week ago

Yemen’s Houthis claim attack on ship in Red Sea as US confirms new strike

Al Jazeera  

Malta-flagged ship hit by missile as US military says it launches a new strike against Houthi targets in Yemen. Yemen’s Houthi rebels have claimed responsibility for a missile attack on a Malta-flagged cargo ship in the Red Sea as the United States says it has launched a new strike on Houthi targets amid soaring tensions around the key waterway. “A …

Red Sea crisis will lead to oil price hike in India: World Economic Forum chief
11 months, 1 week ago

Red Sea crisis will lead to oil price hike in India: World Economic Forum chief

India Today  

The ongoing tensions in the Red Sea due to recurrent attacks on merchant ships by Yemen's Houthi rebels have a negative impact on the global supply chain and would lead to a $10-20 increase in oil prices for oil-importing countries like India, which could have negative effects on its economy, World Economic Forum president Borge Brende said. We also know …

US, UK launch airstrikes against Houthis in Yemen after Red Sea attacks
11 months, 1 week ago

US, UK launch airstrikes against Houthis in Yemen after Red Sea attacks

Live Mint  

The United States-backed coalition including the United Kingdom launched airstrikes on Houthi rebels in Yemen amid growing crisis in oil-rich West Asia. The US and UK launched airstrike across Yemen escalates a conflict in response to a string of Red Sea attacks by Houthis that have disrupted commercial shipping. President Joe Biden said that the strikes in Yemen targeting Houthi …

US-UK launch massive airstrikes against Houthi rebels in Yemen after Red Sea shipping attacks
11 months, 1 week ago

US-UK launch massive airstrikes against Houthi rebels in Yemen after Red Sea shipping attacks

Hindustan Times  

The United States and the United Kingdom joined forces to launch a retaliatory attack against Iran-based rebel group Houthis in Yemen shortly after the group claimed responsibility for a string of attacks against cargo ships and vessels travelling through the Red Sea. Iran based Houthis have taken responsibility of hijacking ships on the Red Sea, REUTERS/Khaled Abdullah The airstrikes by …

U.S. strikes Yemen: Are L.A., Long Beach ports ready for cargo surge?
11 months, 1 week ago

U.S. strikes Yemen: Are L.A., Long Beach ports ready for cargo surge?

LA Times  

The port of Los Angeles, shown here, and Long Beach could see more freight business as shippers seek new routes away from problems at the Suez Canal and the Panama Canal. The ports of Los Angeles and Long Beach, the nation’s largest cargo complex, are bracing for a business surge created by problems elsewhere: the Suez Canal in Egypt — …

Rice trade said to be affected by Red Sea crisis, says minister Goyal
11 months, 3 weeks ago

Rice trade said to be affected by Red Sea crisis, says minister Goyal

Live Mint  

New Delhi: The crisis in the Red Sea is said to have impacted rice trade, but clarity will emerge only next month, Union commerce minister Piyush Goyal has said. India has plans to export 500,000 tonne of new season basmati rice to Europe and the Middle East with contracts already signed. Mint on 24 December reported that basmati rice export …

Red Sea strikes alarm basmati exporters, govt advises caution
11 months, 4 weeks ago

Red Sea strikes alarm basmati exporters, govt advises caution

Hindustan Times  

The Middle East conflict has alarmed shippers of basmati rice, India’s top agricultural export commodity, after two cargo vessels with Indian crew were struck by drones in the Red Sea by suspected Houthi rebels. Red Sea strikes alarm basmati exporters, govt advises caution Following the emerging risks, officials from the commerce ministry last week apprised a delegation of basmati exporters …

Beyond Gaza: How Yemen’s Houthis gain from attacking Red Sea ships
1 year ago

Beyond Gaza: How Yemen’s Houthis gain from attacking Red Sea ships

Al Jazeera  

Beirut, Lebanon – A 10-country coalition led by the United States is unlikely to be able to stop Yemen’s Houthi rebels from attacking ships in the Red Sea, but both sides have an interest in avoiding an escalation that could spiral out of control, analysts have told Al Jazeera. “The Houthis’ position in northern Yemen has put them at a …

How Houthi attacks on ships in the Red Sea are affecting global trade
1 year ago

How Houthi attacks on ships in the Red Sea are affecting global trade

LA Times  

The USS Mason, an Arleigh Burke-class destroyer, passes a dock in Norfolk, Va., in 2021. The attacks on commercial ships in the Red Sea by Yemen’s Houthi rebels have rerouted a majority of global trade away from the crucial maritime artery for consumer goods and energy supplies, a shift expected to trigger delays and rising prices. Some of the world’s …

How Red Sea attacks could affect the seaborne transport of oil, gas cargoes
1 year ago

How Red Sea attacks could affect the seaborne transport of oil, gas cargoes

The Hindu  

Several shipping companies and a few liquefied natural gas tankers have decided to avoid the world’s main East-West trade route, following attacks launched by Yemen’s Houthi group on commercial ships at the southern end of the Red Sea. As much as 8.2 million barrels per day of crude oil and oil products traversed the Red Sea over January-November, as per …

That’s Two for Two: The World’s Other Big Canal Is in Trouble
1 year ago

That’s Two for Two: The World’s Other Big Canal Is in Trouble

Live Mint  

Global trade is under threat again. Tanker and liquid petroleum gas shippers look best placed since capacity utilization is tight and trouble at another major canal—the one in Panama—has already given them a huge boost in bargaining power. Jefferies estimates container fleet utilization could surge from 77% to 88% and oil product tanker capacity could become entirely booked up—it is …

Oil rally pauses as Red Sea shipping risks plague global trade
1 year ago

Oil rally pauses as Red Sea shipping risks plague global trade

Hindustan Times  

Oil was little changed after two days of gains, as traders and shippers braced for the prospect of more disruption in the Red Sea. The escalated geopolitical risks have introduced a premium to an oil market plagued by skepticism about OPEC adhering to production cuts and concerns of increased supply from outside the cartel, especially from the US. Read | …

Oil prices soar on new US task force to protect Red Sea vessels
1 year ago

Oil prices soar on new US task force to protect Red Sea vessels

Live Mint  

Oil prices witnessed a substantial rise on Tuesday, December 19, building upon the momentum from the preceding session. The uptick followed attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea, causing disruptions in maritime trade and prompting companies to redirect their vessels. Additionally, BP announced a temporary halt to all transit through the Red Sea, heightening concerns …

Indian exporters stare at freight cost hikes as ships avoid Suez Canal
1 year ago

Indian exporters stare at freight cost hikes as ships avoid Suez Canal

Live Mint  

Indian exporters are staring at a rise in shipping costs as freight lines are forced to avoid the Suez Canal and take a longer route around Africa to reach the West following tensions in the Red Sea. The alternative route around the Cape of Good Hope could increase shipping time between Mundra and Rotterdam by a third, experts said, adding …

Fears of Houthi attacks are rerouting commercial ships away from the Red Sea
1 year ago

Fears of Houthi attacks are rerouting commercial ships away from the Red Sea

The Hindu  

The attacks on commercial vessels in the Red Sea by Yemen's Houthi rebels have scared off some of the world's top shipping companies and oil giants, effectively rerouting global trade away from a crucial artery for consumer goods and energy supplies that is expected to trigger delays and rising prices. “The impact will be longer transit times, more fuel spent, …

Houthi attacks on commercial ships have upended global trade in vital Red Sea corridor
1 year ago

Houthi attacks on commercial ships have upended global trade in vital Red Sea corridor

Associated Press  

LONDON — The attacks on commercial vessels in the Red Sea by Yemen’s Houthi rebels have scared off some of the world’s top shipping companies and oil giants, effectively rerouting global trade away from a crucial artery for consumer goods and energy supplies that is expected to trigger delays and rising prices. He noted that 40% of Asia-Europe trade normally …

Will oil prices rise after Red Sea shipping curbs amid Houthi attacks?
1 year ago

Will oil prices rise after Red Sea shipping curbs amid Houthi attacks?

Al Jazeera  

Hijackings, missile strikes and drone assaults on ships by Yemen’s Houthi rebels have forced AP Moller-Maersk, a Danish shipping and logistics giant, and Hapag-Lloyd, a German shipping and container transportation company, to pause shipments through the Red Sea. Maersk said in a statement that its decision stemmed from the company’s concerns about the “highly escalated security situation in the southern …

How attacks on ships in the Red Sea by Yemen’s Houthi rebels are crimping global trade
1 year ago

How attacks on ships in the Red Sea by Yemen’s Houthi rebels are crimping global trade

Associated Press  

LONDON — The attacks on commercial ships in the Red Sea by Yemen’s Iran-backed Houthi rebels have rerouted trade that normally flows through the crucial corridor for consumer goods and energy supplies, a shift that’s delaying shipments and raising transport costs. Oil, natural gas, grain and everything from toys to electronics typically travel through the waterway separating Africa and the …

Vantage: How Houthi attacks threaten West Asia and global maritime trade
1 year ago

Vantage: How Houthi attacks threaten West Asia and global maritime trade

Firstpost  

In a series of alarming events, Houthi rebels from Yemen have intensified their attacks on international shipping in the Red Sea, targeting vessels of various nationalities. “The armed forces will not hesitate to target any Israeli ship in the Red Sea or any location that falls within our reach, starting from the moment this statement is announced,” warned Houthi military …

Oil prices jump more than $4 as Middle East violence rattles markets
1 year, 2 months ago

Oil prices jump more than $4 as Middle East violence rattles markets

The Hindu  

Oil prices jumped more than $4 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East. The surge in oil prices reversed last week's downward trend - the largest weekly decline since March - in which Brent fell about 11% and WTI retreated …

What does Suez Canal blockage mean for oil prices?
3 years, 8 months ago

What does Suez Canal blockage mean for oil prices?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil prices tumbled on Thursday …

Ship blocks Suez Canal: Waterway carries 10% of all global trade, quick resolution key to avoid economic fallout
3 years, 8 months ago

Ship blocks Suez Canal: Waterway carries 10% of all global trade, quick resolution key to avoid economic fallout

Firstpost  

The cargo ship blocking the Suez Canal is holding up traffic that carries nearly US $10 billion worth of goods every day, so a quick clearing of the logjam is key to limiting the economic fallout. The iconic shipping journal Lloyd’s List estimates that goods worth US $9.6 billion pass through the canal every day. Mark Zandi, chief economist at …

Why oil makes Gulf countries vulnerable to Iran
3 years, 11 months ago

Why oil makes Gulf countries vulnerable to Iran

Al Jazeera  

The brazen attack that led to the death of Iranian scientist Mohsen Fakhrizadeh has undoubtedly angered Tehran. Due to certain changes in the oil market and US foreign policy priorities, Arab countries in the Gulf find themselves in a more vulnerable position today. Up until a few years ago, the Iranian go-to retaliatory threat was closing the Strait of Hormuz …

Discover Related