The lack of market response to recent geopolitical risks suggests that it is not taking the threat of supply disruptions seriously. However, although no production has been lost yet, it is indirectly tightening the market by sending more supplies into the water.
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On the terrorist list
The United States struck new targets in Yemen on Tuesday, destroying four anti-ship ballistic missiles intended for launch from Houthi-controlled areas, according to US Central Command on X.
On the same day, the Houthi militia launched a missile from Yemen into the southern Red Sea, hitting a goods tanker flying the Maltese flag. No casualties were reported and the ship continued its voyage.
White House sources told Reuters that the United States will ensure on Wednesday that the Houthi militia in Yemen is included on the terrorist list again. The purpose is to stop funding and arms supplies to the militia group.
Donald Trump's government placed the Houthis on the US terrorist list before Joe Biden took office as president. In January 2021, Biden lifted the terrorist designation, but on Wednesday the United States once again declared the Houthis terrorists.
On Tuesday, the United States carried out new attacks against the Iran-aligned Houthis in Yemen after a Houthi missile hit a Greek ship in the Red Sea.
British oil company Shell halted shipments through the Red Sea after the US and UK launched attacks, but US producer Chevron is maintaining its routes in the Red Sea.
“While record oil prices may not reflect the Red Sea attacks, the real price of oil and petroleum products to consumers has risen due to disruptions to trade flows through the Red Sea and Suez Canal,” said Vivek Dhar, Director, Mining and Energy. Commodity Strategy at the Commonwealth Bank of Australia, in a letter.
Weakest in China
The production of Chinese refineries reached 60.11 million tons in December, equivalent to 14.16 million barrels per day. day.
For the full year of 2023, average daily production at Chinese refineries was 14.7 million bpd, up from 13.5 million bpd. day in 2022.
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