Key report takeaways:

• Americas crude exports are on the wane as production growth slows despite upticks from a handful of basins

• Potential US tariffs, retaliatory measures to upend trade flows; TMX increasingly eyed as outlet to redirect Canadian crude

• Asia’s crude import demand growth mainly from India in 2025, amid new refining capacities, while rest of Asia stagnates

• India’s crude imports increase but Russian share falls due to lower loadings from Russia Far East and Arctic

• Lower Norwegian and Kazakh crude supplies prompts Europe to pivot to Middle East medium/heavy sour crude imports

• Saudi crude/condensates “front-loading” at record levels in recent weeks, February shows continuation of trend.