Markets

Oil imports reached a 20-month high in Mar., exceeding 12MM b/d, the highest volume since Aug. 2023, as flows from Iran and Russia rebounded following earlier lows attributed to US sanctions.

The intricate web of global oil markets is increasingly defined by geopolitical undercurrents and strategic policy shifts.

Faced with the imposition of substantial tariffs in early Apr., a majority of Asian countries are actively proposing to increase their imports of US energy products as a strategy to avoid these levies.

Analysts predict a complete cessation of US crude oil exports to China due to the escalating tariff and trade war between the world's two largest economies.

The latest round of US sanctions on Iran indicates a growing resolve to tighten the economic pressure on Tehran, according to Rystad Energy.

The American Petroleum Institute (API) and other industry stakeholders are raising significant concerns about the US Trade Representative's (USTR) proposal to impose substantial port fees on Chinese-built vessels.

Privately-managed Chinese ports are facilitating Russian oil imports despite US sanctions, employing sanctioned tankers and ship-to-ship transfers.

ADNOC has initiated trading Dubai crude through the S&P Global Platts pricing process, a rare move for a Middle Eastern national oil company.

US crude oil exports to India reached a two-year high in Feb., hitting 357K b/d, as Indian refiners sought alternatives due to recent US sanctions on Russian oil trade.

Recent shifts in crude oil trade and refining strategies are driven by a mix of geopolitical factors, logistics, and US tariff policies.