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Oil Product Exports Surge


Global oil product exports have been surging over the last two months, pointing to ample refining capacity and easing supply pressure according to Vortexa.

  • Worldwide seaborne exports of all products, including everything from ethane to asphalt, jumped to a new record of 35.4mbd in December.
  • Core refined product (naphtha, gasoline, jet/kero, diesel, fuel oil and refinery feedstocks) exports reached a multi-year high of 24.2mbd in December, up by nearly 2mbd vs October levels.
  • China, India and Middle East were the dominant contributors to the export surge.
  • Russia saw a 1.4mbd hike in diesel exports over the past two months as flows to Europe were maximized ahead of the Feb 5 ban.

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