Daily Energy Report
Oil & Houthi attack pause, Russia LNG to China/Japan, OPEC+ plan, US sanctions enforcement, US frackers concerned, Sanctions evasion, Germans seize tanker, Biden LNG deception, and more.
March 21, 2025
Chart of the Day
Bloomberg: Houthi Attack Pause Lets Europe Get More Fuel Via Suez for Now
Summary
A pause in Houthi attacks on commercial shipping has led to increased fuel imports into Europe via Egypt's Suez Canal. After the Houthis targeted vessels last year, many shipping companies avoided the route. However, with a ceasefire in place and no attacks since January, more shipments, including diesel and jet fuel, have been reaching Europe through the canal. Yet, tensions have reignited following threats from the Houthis in response to aid delivery halts in Gaza, raising concerns over the future security of this shipping route.
Figure (1) shows trends in exports of petroleum products passing through the Suez Canal to Europe by country of origin. Kpler data indicates an increase in the first three months of 2025, though still far below 2023 levels. Houthi attacks on ships in the Red Sea began late 2023 after the Gaza war started. Most exports to Europe originate from Saudi Arabia and India.
The Bloomberg story is misleading. Explanation below.
EOA’s Main Takeaway