Based on data from the U.S Census Bureau, re-exports of Canadian heavy crude oil from the Gulf Coast in March 2024 averaged 154 Mb/d (height of the rightmost stacked columns in chart below), well below the February total of 253 Mb/d and less than half the 343 Mb/d pace of a year ago. China was the largest buyer in the month (rightmost red column) at 79 Mb/d, well below the 131 Mb/d rate of February and the second lowest re-export rate in the past 15 months. India (gray column) was a close second in March, taking in 64 Mb/d, modestly below the February pace of 86 Mb/d and less than half the 147 Mb/d of one year ago. Re-exports to other nations (green column), in this case, Peru, totalled 11 Mb/d in March. This is only the third time since 2017 that Peru has been a recipient of Canadian heavy crude oil re-exported from the Gulf Coast. Examples of “other” nations in the past have included South Korea and Taiwan.
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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.
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Gulf Coast Re-Exports of Canadian Heavy Oil Rebound in June
Re-exports of Canadian heavy oil from the U.S. Gulf Coast rebounded in June, but remain below the level of one year ago, possibly reflecting impacts of the Trans Mountain Pipeline picking up business for the direct export of crude oil to Asian markets.
