Based on data from the U.S. Census Bureau, re-exports of Canadian heavy crude oil from the U.S. Gulf Coast reached a six-month low in December 2023 of 123 Mb/d (height of the rightmost stacked columns in chart below), almost half the volume of November’s 225 Mb/d. It was two-thirds less than the October record of 378 Mb/d. Despite the pullback, China (red column) remained the single largest buyer of Canadian heavy crude oil in December at 107 Mb/d. Spain (blue column) was the only other foreign purchaser at 16 Mb/d. In this context, re-exports refer to crude oil that is sourced and exported from Canada to the U.S. and then exported from the U.S. to other nations.
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- Analyst Insight
Re-Exports of Canadian Heavy Crude Oil Ease Back in November
Re-exports of Canadian heavy crude oil from the U.S. Gulf Coast fell in November from record levels in October as buying activity from other nations eased back. Re-exports in 2024 are likely to fall further once the Trans Mountain Pipeline expansion begins operations in April or May.
- Analyst Insight
Re-Exports of Canadian Heavy Crude Oil Rebound in January
Canada's re-exports of heavy crude oil from the Gulf Coast rebounded smartly in January from weak December levels with China leading the way as the single largest buyer.
- Analyst Insight
Re-Exports of Canadian Heavy Crude Oil Hold Strong in February
Re-exports of Canadian heavy crude oil in February remained strong and gained over January's pace. The pending start up of the Trans Mountain Pipeline expansion may change this story in the months ahead.
