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OIL: Big-3 Crude Exports Slip as Russia Flows Slump

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Crude/condensate exports of the Big-3 (Saudi Arabia, U.S. and Russia) stood at just below 13mbd in December, marking an almost 500kbd m-o-m drop according to Vortexa tracking.

  • Russia made the bulk of the drop off, representing 300kbd. The remaining 200kbd fall was split fairly evenly between Saudi/U.S.
  • Vortexa data shows an unusually low volume of Russian crude exports from Baltic ports at 3mbd, down by almost 400kbd m-o-m. Part of the drop off can be attributed to higher runs.
  • US exports fell to 3.8mbd in December likely a function of U.S. refiners raising utilization rates in recent weeks.
  • Saudi Arabia’s exports held just above 6mbd in December, reiterating its position to moderate supplies for the global market. The most noteworthy change in Saudi exports at the end of 2025 was a sharp (more than 200kbd) reduction in Yanbu crude exports – typically aimed for Europe. This correlates with higher European OSP’s.

 

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Crude/condensate exports of the Big-3 (Saudi Arabia, U.S. and Russia) stood at just below 13mbd in December, marking an almost 500kbd m-o-m drop according to Vortexa tracking.

  • Russia made the bulk of the drop off, representing 300kbd. The remaining 200kbd fall was split fairly evenly between Saudi/U.S.
  • Vortexa data shows an unusually low volume of Russian crude exports from Baltic ports at 3mbd, down by almost 400kbd m-o-m. Part of the drop off can be attributed to higher runs.
  • US exports fell to 3.8mbd in December likely a function of U.S. refiners raising utilization rates in recent weeks.
  • Saudi Arabia’s exports held just above 6mbd in December, reiterating its position to moderate supplies for the global market. The most noteworthy change in Saudi exports at the end of 2025 was a sharp (more than 200kbd) reduction in Yanbu crude exports – typically aimed for Europe. This correlates with higher European OSP’s.

 

Keep reading...Show less