Based on data from the U.S. Census Bureau, re-exports of Canadian heavy crude oil from the U.S. Gulf Coast reached a four-month high in January 2024 of 235 Mb/d (height of the rightmost stacked columns in chart below), slightly more than twice the 123 Mb/d that was re-exported in December 2023. By country, China (red columns) continued to lead the way taking 123 Mb/d in January, further solidifying its position as the largest purchaser of Canadian heavy oil from the Gulf Coast. After taking no crude in December, India (gray columns) returned to the picture in January, sweeping up 80 Mb/d and the strongest month since October. Spain (blue columns) was the third and final buyer with 32 Mb/d, a value that exactly matches its average purchases in 2023.
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- 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.
- Analyst Insight
Re-Exports of Canadian Heavy Crude Oil Conclude 2023 on a Weak Note
Canada's re-exports of heavy crude oil from the U.S. Gulf Coast fell to a six month low in December 2023 as Chinese buyers scaled back purchases. Re-exports may slow further in 2024 once the Trans Mountain Pipeline expansion begins operations in April or May.
- 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.
