The recent spate of attacks on commercial vessels by Yemen-based Houthi rebels have not impacted flow of Russian crude through the Suez Canal-Red Sea route, even as a number of global shipping lines and oil companies are now avoiding the important global trade artery. Tankers carrying Russian crude have not rerouted, and even the fresh cargoes leaving Russian ports are sticking to the Red Sea route to reach Asia, instead of going all the way around Africa via the Cape of Good Hope, as per data from commodity market analytics firm Kpler.
Russian oil cargoes departing from the North Sea and Black Sea ports take the Suez Canal-Red Sea route to reach Asia, specifically India and China, which are currently the biggest buyers of Russian crude. Oil and shipping analysts do not foresee tankers carrying Russian oil coming under attack in the region as Russia is perceived as Iran’s ally. The Houthi rebels are widely believed to be backed by Tehran.
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