Crude oil exports so far in 2024, have returned to positive, after a drop in 2023. In its latest weekly report, shipbroker Banchero Costa said that “2023 has been another positive period for crude oil trade, despite the high oil prices and risks of economic recession. In Jan-Dec 2023, global crude oil loadings went up +4.7% y-o-y to 2186.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from Refinitiv. The positive trend continued in JanAug 2024, when global loadings increased by +1.1% y-o-y to 1475.3 mln t, from 1459.2 mln t in the same period of 2023”.
Source: Banchero Costa
According to the shipbroker, “exports from the Arabian Gulf were down by -1.1% y-o-y to 580.3 mln t in Jan-Aug 2024, and accounted for 39.3% of global seaborne trade. Exports from Russian ports (including Kazakh crude) increased by +1.0% yo-y to 157.1 mln tonnes, or 10.6% of global trade. From the USA, exports increased by +5.6% y-o-y to 135.6, or 9.2% of total trade. From South America, exports surged by +9.7% y-o-y to 113.1 mln t. In terms of demand, the top seaborne importer of crude oil in Jan-Aug 2024 was Mainland China, accounting for 23.1% of global trade. Volumes into China declined by -0.1% y-o-y to 341.9 mln t in Jan-Aug 2024, from 342.4 mln t in Jan-Aug…