Macro - Country Economic Forecasts - Yemen, Rep
In October, Houthi rebels started attacking vessels in vital shipping lanes and firing drones and missiles at Israel itself as a show of support for Palestinians. As of February, this has caused a 50% y/y drop in cargo volumes passing through the Gulf of Aden, as freights have diverted their routes around the Cape of Good Hope. There has been no explicit strain in Saudi-Yemeni relations, however Houthi rebels have strengthened ties with Iran. The Iranian oil minister has called for a strong oil industry for Yemen with cooperation from Iran.
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