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Global Seaborne Crude And Condensate Imports Rise Sharply

OIL

Global seaborne crude and condensate imports are set to mark the highest level since January 2020, given high exports from the Americas and Opec+ October exports, according to Vortexa.

  • Based on preliminary data for days 1-25 Nov, crude imports could reach 42.3mbd, the highest since January 2020, and 2.4mbd higher than the average level over the last 12 months.
  • Exports have been driven by the Americas, specifically by the US, Brazil and Guyana in previous months as well as high Opec+ exports in October.
  • Most seaborne crude/condensate imports have been arriving in Asia (excl. Oceania) and could reach an all-time high of 24.6mbd in November.
  • Ample crude inflows have enabled refiners to hike product supplies. Clean product liftings have surged to the highest level observed so far in this decade, both on a global and Asian level.
  • The increase in Asian levels has been driven by China’s incentive to export clean products.

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Global seaborne crude and condensate imports are set to mark the highest level since January 2020, given high exports from the Americas and Opec+ October exports, according to Vortexa.

  • Based on preliminary data for days 1-25 Nov, crude imports could reach 42.3mbd, the highest since January 2020, and 2.4mbd higher than the average level over the last 12 months.
  • Exports have been driven by the Americas, specifically by the US, Brazil and Guyana in previous months as well as high Opec+ exports in October.
  • Most seaborne crude/condensate imports have been arriving in Asia (excl. Oceania) and could reach an all-time high of 24.6mbd in November.
  • Ample crude inflows have enabled refiners to hike product supplies. Clean product liftings have surged to the highest level observed so far in this decade, both on a global and Asian level.
  • The increase in Asian levels has been driven by China’s incentive to export clean products.