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Red Sea ships attacks push 47% more crude oil, fuels around Africa

Red Sea ships attacks push 47% more crude oil, fuels around Africa

GLOBAL crude oil and oil products shipments taking the long route between Asia, the Middle East and the West are up 47% since attacks began on vessels using the shorter Red Sea route, the Energy Information Administration said. The longer route around the Cape of Good Hope to avoid attacks by Yemen's Houthis has pushed up shipping costs, as about 12% of world total shipping traffic historically sailed through the Red Sea and Egypt's Suez Canal. About 8.7 million barrels per day (bpd) of crude and refined products took the Southern Africa route in the first five months of 2024, from an…
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South Sudan’s oil and water give it bargaining power – but will it benefit the people?

South Sudan’s oil and water give it bargaining power – but will it benefit the people?

SOUTH Sudan has long been one of east Africa’s most unstable states. But surging external interest in its resources and the diplomatic agility of its rulers are again underlining how pivotal the country remains to regional energy and water politics. Much of Africa has spent 2022 facing sharp increases in the costs of energy and food driven by the Russia-Ukraine conflict and the strengthening of the US dollar. Authors HARRY VERHOEVEN, Senior Research Scholar at the Center on Global Energy Policy, Columbia University FRANCOIS SENNESAEL, DPhil Candidate, Department of Politics and International Relations, University of Oxford For states that have…
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Nigeria losing 200 000 barrels a day to theft

Nigeria losing 200 000 barrels a day to theft

NIGERIA is losing 200,000 barrels of crude oil a day because of theft and vandalism, the head of the state oil company said, underscoring how insecurity is causing vast financial losses for the West African country. With Brent Crude oil prices hovering around $66.70, the losses would amount to more than $13 million a day and more than $4.8 billion a year, at a time when Nigeria needs funds to tackle poverty, improve security and boost the economy, which shrank 1.92% in 2020 in part due to the pandemic. The group managing director of the Nigerian National Petroleum Corporation (NNPC),…
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