Markets

President-elect Donald Trump has issued a stark warning to the European Union (EU) to increase its imports of US oil and gas, threatening to impose tariffs on EU exports to the US if the EU fails to comply.

US crude oil exports experienced a notable drop in the week ending Dec. 6, 2024, averaging 2.9MM b/d, a decline of 1.5MM b/d from the previous week.

India and China have dramatically increased their imports of Russian crude oil, effectively circumventing Western sanctions and enhancing their refining capacities.

US crude exports have surged, reaching 3.9MM b/d in the week to Oct. 25, up 434K b/d from the previous week and just 13K b/d below year-to-date levels.

The recent expansion of US sanctions against Iran is poised to significantly affect crude oil flows to China, as well as increase shipping costs.

South Sudan is preparing to restart its heavy-sweet Dar Blend crude exports through Sudan, aiming for a resumption within weeks.

Russia's increasing reliance on Asian markets, particularly India and recently Indonesia, marks a significant shift in global oil trade dynamics.

Saudi Arabia is poised to boost its crude oil supply to China in Oct., reflecting a strategic shift in response to market conditions.

In Jul. 2024, Gulf Coast re-exports of Canadian heavy crude oil reached 210K b/d, reflecting a significant increase of 44K b/d from Jun. and 110K b/d from the previous year.

In Aug., Asia’s crude oil imports showed a significant rebound from Jul.’s lows, with important implications for global oil demand and market dynamics.