Re-exports of Canadian heavy crude oil are estimated to have been 114 Mb/d in April (rightmost stacked columns in chart below), 25 Mb/d stronger than March and 82 Mb/d less than a year ago based on tanker data compiled by Bloomberg. Two nations, India and Spain, have been the primary destination of Canadian re-exports for the past eight months, with occasional cargoes to other nations such as Peru. In April, India (grey columns) received 61 Mb/d, down 45 Mb/d from March and down 6 Mb/d from a year ago. In the case of Spain (blue columns), it received 53 Mb/d, more than doubling March’s volume of 25 Mb/d and 18 Mb/d higher than one year ago. Crude re-exports to China (red columns) remain absent, marking eight consecutive months of no Canadian crude lifted from the Gulf Coast as it has shifted its buying of Canadian barrels to Canada’s West Coast. There also appears to be no discernible impact on the volume of re-exports due to the tariff uncertainty that arose earlier this year for Canadian crude oil that is imported into the U.S. for eventual re-export.
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