• UGI USER
  • Feb 07, 2024
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CRISIS IN THE RED SEA

Why in the News?

  • Indian refiners turn to West Asia amid disruptions in US crude supply due to the Red Sea crisis.
  • Preliminary data from Kpler shows no US crude received by Indian refiners in January 2024.
  • Rising freight rates due to Red Sea disturbances compel Indian refiners to seek alternatives closer to home.
Source: Britannica

Impact of Crisis:

  • India’s crude oil imports from Iraq reached a 21-month high in January, compensating for the absence of US crude.
  • Imports from the UAE surge by nearly 81% in January compared to December levels.
  • Saudi Arabia remains a key supplier despite a slight decrease in January imports.
About the Issue:

·   Attacks on cargo ships by Yemen’s Houthi rebels in the Red Sea prompt major shipping lines to avoid the region.

·   Russian oil imports to India remain stable, with Urals crude shipments unaffected by Red Sea disruptions.

About Houthi Rebels

·   Houthi is a Yemen-based rebel group officially known as Ansar Allah.

·   Aligned with Iran, they adhere to Zaidi Shia Islam.

·   Gained prominence in the Yemeni Civil War.

·   Accused of human rights abuses and involvement in regional conflicts.