IEA: Oil in transit reaches record highs due to shipping disruptions

Shipping disruptions through the Red Sea are pushing the amount of oil in transit to record levels, according to the latest International Energy Agency (IEA) Oil Market Report (OMR).

With oil tankers taking the longer route around Africa, more oil was kept on water.

In February alone, oil on water surged by 85 mb as repeated tanker attacks in the Red Sea diverted more cargoes around the Cape of Good Hope. At nearly 1.9 billion barrels as of end-February, oil on water hit its second highest level since the height of the Covid-19 pandemic.

View entirety: Offshore Energy