Markets

In 2023, China experienced a significant escalation in its crude-oil imports, reaching a record high of 11.3MM b/d, which was a 10% increase from the previous year.

Mexico has recently adjusted its oil-export strategy due to operational disruptions at two major refineries, reversing an earlier decision to reduce exports significantly to meet domestic refinery demands.

Amid the escalating geopolitical conflict following Iran's April 13 attack on Israel, the United States is at a crossroads with potential strategies to adjust its sanctions on Iranian oil.

In response to escalating tensions in the Middle East, Asian refiners are strategically reassessing their crude supply sources, signaling a potential pivot towards increased imports from the Americas and Africa.

In recent months, China and India have significantly adjusted their oil import strategies, particularly focusing on increased purchases from Russia.

The state energy company, Pemex, is poised to enact substantial cuts in crude exports, redirecting at least 330K b/d from international markets to meet domestic refining demands.

Russia's flagship crude grade, Urals, is currently being sold at around $75/bbl, exceeding the $60/bbl price cap imposed by the G7 and its allies on oil exports involving Western services.

The imminent commencement of the Trans Mountain Expansion (TMX) project is set to reconfigure crude tanker movements in the US West Coast (USWC) and Pacific Aframax market.

US crude exports soared to an 11-month peak in Feb., reaching 4.66MM b/d, marking a substantial 15% increase from the previous month and a notable 16.5% surge compared to Feb. 2023.