Based on data from the U.S. Census Bureau, re-exports of Canadian heavy crude oil from the Gulf Coast in August 2024 averaged 114 Mb/d (height of the rightmost stacked columns in chart below), a pullback of 96 Mb/d from July and 39 Mb/d less than a year ago. July’s re-export rate was the lowest since May’s 98 Mb/d tally and consisted of only two countries. India (gray columns) was the largest recipient of Canadian crude at 81 Mb/d, 32 Mb/d less than the prior month and up from zero a year ago. Spain (blue columns) was number two at 33 Mb/d, unchanged from July and just 1 Mb/d higher than a year ago. For the first time since January 2022, no re-exports of Canadian heavy crude oil from the Gulf Coast were reported as being shipped to China (red columns), a drop from 64 Mb/d in July and down 120 Mb/d from one year ago.
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- Analyst Insight
Gulf Coast Re-Exports of Canadian Heavy Crude Oil Fall to 21-Month Low; Chinese Buyers Remain Absent
Canada's re-exports of heavy crude oil from the Gulf fell to near a two-year low. Chinese buyers absent for a second consecutive month.
- Analyst Insight
Staying Power - Gulf Coast Re-Exports of Canadian Heavy Crude Oil Hit Five Month High
Re-exports of Canadian heavy crude oil from Gulf Coast shifted higher in July, with India being the largest buyer. Re-exports could remain robust, despite the competitive pressures of the Trans Mountain Pipeline expansion, with Enbridge reducing the pipeline shipping cost from Alberta to the Gulf Coast at the start of September.
- Analyst Insight
August Acceleration - Gulf Coast Re-Exports of Canadian Heavy Crude Oil Hit 13-Month High
Canadian re-exports of heavy oil from the Gulf Coast picked up considerably in August.
