Trans Mountain Waterborne Crude Exports Fall to 10-Month Low in December

Waterborne crude oil exports from the Trans Mountain Pipeline (TMX) averaged 383 Mb/d in December 2025 (rightmost stacked columns in chart below), a sharp decrease of 130 Mb/d versus a revised record November export level of 513 Mb/d, and an increase of 40 Mb/d from a year ago based on tanker tracking data compiled by Bloomberg. The latest exports are a 10-month low just ahead of February 2025 at 366 Mb/d. The reduction is surprising given that prior anecdotal market information and management at TMX had suggested that export levels were looking strong heading into December. However, there are indications that regional pricing differentials may have partly moved against TMX barrels as Russian medium sour crude became more heavily discounted in December due to additional sanctions on Russian producers and crude oil tankers, leading to additional purchases by importers such as China.