Markets

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.

Shipping volumes in the Red Sea have sharply declined by over 60% since Nov., attributed to ongoing Houthi attacks.

Saudi Arabia's state-owned firm, a major player in the global oil market, announced a reduction in its supply of heavier crude oil to Asian markets for April.

Amid heightened US sanctions on Russian crude, China has strategically increased its purchases of Sokol crude, taking advantage of India's reluctance to buy.

Steering through two crucial maritime passages, the Red Sea and the Panama Canal, has become increasingly arduous for shippers, with significant ramifications for the energy industry.

Enbridge, a key player in the global energy landscape, is strategically enhancing its crude oil export capabilities at the US Gulf Coast (USGC) to accommodate the burgeoning output from the Permian Basin and Western Canada.

Indian refiners are grappling with mounting concerns over the ramifications of the latest wave of US sanctions targeting Russia, particularly as it pertains to the country's vital oil imports.

Two years into the Russia-Ukraine war, several nations have shifted their energy trade strategies, reducing their reliance on Russian energy products.