Gulf Coast Re-Exports of Canadian Heavy Crude Oil Rebound in February

Re-exports of Canadian heavy crude oil are estimated to have been 191 Mb/d in February (rightmost columns in chart below), more than double the 76 Mb/d rate of January, and 62 Mb/d less than a year ago. Based on February tanker data compiled by Bloomberg, India (gray columns) was the most active destination for Canadian barrels in the month at 71 Mb/d, a 6 Mb/d increase over the prior month and 15 Mb/d less than a year ago. Panama, in the “Other” category (green columns), was just shy of 71 Mb/d in February, and well above Bloomberg’s estimated 27 Mb/d rate in January. However, according to official monthly statistics published by the U.S. Census Bureau, Panama was not a listed destination for Canadian re-exported crude in January. As such, the February exports to Panama reported by Bloomberg may eventually be slated into a different country destination when the Census Bureau releases its February data later this month. The final destination listed for Canadian crude in February was Spain at 49 Mb/d, up from zero in January and 13 Mb/d greater than one year ago. As has been the case since August 2024, China remains absent from the list of destination countries.