Markets

Asia's major refiners are increasingly turning to Canada's Trans Mountain Expansion (TMX) pipeline for crude supplies, marking a significant shift in regional sourcing strategies.

Russian seaborne crude exports have experienced a significant downturn in recent weeks, dropping to their lowest levels since Jan. 2024.

Recent developments highlight significant shifts in global oil dynamics, notably affecting African producers and Asian importers. Angola, once China's second-largest oil supplier, has seen its ranking plummet to eighth place by last year.

The Trans Mountain Expansion (TMX) pipeline is set to implement significant changes to quality regulations for heavy crude effective Sept. 1, following industry feedback.

Re-exports of Canadian heavy crude from the Gulf Coast rebounded in April, averaging 196K b/d, up by 42K b/d from March but down by 98K b/d compared to the previous year.

In May, Venezuela's oil exports saw a significant increase of 30% from the previous month, as state oil company PDVSA's clients expedited cargo shipments before the reinstatement of US sanctions.

Russian crude exports fell to a six-month low of 3.52MM b/d in May.

Since the US lifted its crude export ban in Dec. 2015, exports surged, reaching over 4 MM b/d by 2023, expanding to more than 50 countries.

Asia’s third-largest crude importer is increasingly favoring US crude over Gulf barrels due to more favorable economics.

Refining margins in Asia have plummeted to their lowest in seven months, prompting a shift away from expensive Middle Eastern crude towards cheaper alternatives from the Americas.