Re-exports of Canadian heavy crude oil recovered to 83 Mb/d in November, up from a four-year low of zero in October, and 142 Mb/d less than a year ago, according to data published by the U.S. Census Bureau. Only two countries were reported as recipients of Canadian barrels in the month: India at 67 Mb/d (rightmost grey column), up from zero in October and just over a doubling of the 33 Mb/d rate of one year ago; another 17 Mb/d of crude was reported in the Other category (rightmost green column) which, in the latest month, was recorded as Panama. Of additional note, is that re-exports to China (red columns) held at zero for a fourth consecutive month, the longest stretch of zero readings since the depths of COVID-affected 2020. Based on preliminary tanker tracking data reported by Bloomberg, Canadian re-exports are estimated to be 97 Mb/d in December (pink column and text).
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