HOUSTON, March 20 (Reuters) - The shipping industry is
consuming an additional 100,000 barrels per day of fuel to sail
longer distances needed to avoid traversing the Red Sea, Vitol
Chief Executive Officer Russell Hardy said on Wednesday.
Total distance traveled by ships is about 3% more than it
was before Yemen's Houthi group started attacking shipping,
Hardy said.
Tanker traffic in the Red Sea is higher today than it was
five years ago, he said, but global conflicts have shifted
global trade flows.
"We have had to re-orientate so much all over," he said at a
panel during the CERAWeek conference in Houston, Texas. "There
is a lot more unusual movement happening today than what was
happening in 2019."