In February, US crude exports climbed to a record-high, pushing crude supplies from top-11 exporters to 30.
Key observations among top-11 exporters:
US crude exports were assessed at 4.5mbd in February, a 650kbd increase m-o-m. This increase was supported by higher demand from Europe as demand for Middle Eastern crude declined due to Red Sea diversions slowing barrels arriving in Europe
Iran’s crude exports increased m-o-m by 150kbd in February, assessed at 1.55mbd. This increase is supported by higher demand for discounted Iranian barrels from China.
Angola’s crude exports increased by 150kbd m-o-m to 1.1mbd, replacing the 100kbd (m-o-m) lost by Nigeria in February.
The combined crude exports from Saudi Arabia, UAE, Iraq and Kuwait totalled 13.5mbd in February, a 200kbd decline m-o-m. All four countries saw m-o-m declines, with Kuwait accounting for the largest m-o-m decline of 100kbd.
Russian crude exports declined by only 60kbd m-o-m in February, sitting very near the 5mbd mark they reached in January and is still 100kbd above the 2023 average.
Crude/condensate exports from top-11 exporters by origin country (mbd)
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Adani Group's recent ban on sanctioned vessels will reduce Russian crude flows into India in the near-term, particularly at Mundra port.
We observe a shift in crude exports growth from North to South America driven by new production in Guyana and Brazil while US exports continue to decline
Strong gasoline margins supported by supply-side outages and shutdowns
Vortexa Analysts